Mr. Simon Clarke reports

AMERICAN LITHIUM ANNOUNCES FINANCIAL AND OPERATING HIGHLIGHTS FOR THIRD QUARTER ENDED NOVEMBER 30, 2023

American Lithium Corp. has provided financial and operating highlights for the third quarter ended Nov. 30, 2023. Unless otherwise stated, all amounts presented are in Canadian dollars.

Simon Clarke, CEO of American Lithium comments, "This was an extremely busy period with significant achievements across our projects in Peru and Nevada. This momentum has continued past quarter end with the completion of the updated PEA for Falchani, highlighting very robust economics for the project, including a tripling of NPV from the last PEA."

Highlights of the Quarter:

Resource Update at Falchani - newly updated mineral resource estimate ("MRE") resulted in a 476% increase in Measured and Indicated Resources ("M&I") to 5.53 million tonnes ("Mt") of lithium carbonate (447 Mt @ 2,327 parts per million ("ppm") Li) to the block model.

Unanimous Ruling in Peru - Peru's Superior Court unanimously upheld the previously announced ruling in favour of the Company's subsidiary, Macusani Yellowcake in relation to title over 32 disputed concessions out of 172 owned by Macusani. The Court ruling clearly establishes that Macusani is the rightful owner of these concessions and highlights that the action launched by the Geological, Mining, and Metallurgical Institute ("INGEMMET") and Ministry of Energy and Mines ("MINEM") in October 2018 was baseless and unsubstantiated.

Semi-Detailed Environmental Impact Study (EIA-sd) - submitted for Falchani to the MINEM ahead of schedule. With the filing acknowledged by MINEM, regulatory approval for the EIA-sd is anticipated in the coming months.

Lithium Discovery at Quelcaya in Peru - new lithium ("Li") discovery 6 kilometres west of Falchani with assays up to 2,668 ppm lithium and over 222 metres of continuous mineralization.

Flow Sheet Refinement - continued refinement of the TLC PEA flow sheet with higher Li purity (99.54%) indicating enhanced economic potential of this project.

Annual General Meeting - shareholders voted in favor of the proposals set forth in the Management Information Circular, including the re-election of seven members to the board of directors for the fiscal year.

Subsequent Events:

Updated PEA for Falchani - highlights robust economics, after-tax NPV triples to US $5.11 billion, IRR of 32% and low opex of $5,093 /t LCE.

Technical Report Filed for Falchani - independent National Instrument 43-101 Technical Report on the updated MRE for the Falchani filed showcasing the 476% increase in M&I Resources.

Resource Footprint Expanded at TLC - step out drilling has expanded the measured resource footprint at the TLC Lithium Project. A total of 26 diamond core holes and 16 reverse circulation holes drilled in 2022 and 2023 will be added to the updated mineral resource block model and incorporated into an updated MRE on TLC.

Petition Filed in Peru - following the unanimous ruling from the Peruvian Superior Court confirming the Company's title to 32 disputed concessions, INGEMMET and MINEM petitioned the Supreme Court in a final attempt to reverse the ruling.

Selected Financial Data

The following selected financial data is summarized from the Company's consolidated financial statements and related notes thereto (the "Financial Statements") for the third quarter ended November 30, 2023. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com or on SEDAR+ at www.sedarplus.ca.

Ab out American Lithium

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 ("TLC") in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium ("Falchani") and Macusani uranium ("Macusani") 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. Pre-feasibility is advancing well TLC and Falchani.

An anonymous director reports