Mr. Simon Clarke reports

AMERICAN LITHIUM FILES ROBUST PEA FOR FALCHANI HARD ROCK LITHIUM PROJECT WITH HIGHLIGHTS INCLUDING A TRIPLING OF AFTER-TAX NPV8 TO US$5.11 BILLION

American Lithium Corp. has filed an independent National Instrument 43-101 technical report on the preliminary economic assessment (PEA) for the Falchani lithium project located in Puno, southwestern Peru. Highlights of the PEA were previously announced on Jan. 10, 2024.

The PEA and accompanying technical report were completed by DRA Global and Stantec Consulting Services Inc. The PEA demonstrates that Falchani has the potential to become a substantial, low-cost, long-life producer of high-purity lithium carbonate (LCE or Li2CO3) with the potential to also produce sulphate of potash (SOP) and cesium sulphate (CsS or Cs2SO4) byproducts alongside LCE.

Falchani PEA highlights (base case -- LCE-only production):

• Pretax net present value (net present value) (8 per cent) of $8.41-billion at $22,500/tonne (t) LCE;
• After-tax NPV (8 per cent) of $5.11-billion at $22,500/t LCE;
  • NPV has tripled versus 2019 PEA after-tax NPV (8 per cent) of $1.5-billion at $12,000/t LCE.
• Pretax internal rate of return (IRR) of 40.7 per cent;
• After-tax IRR of 32 per cent;
• Pretax initial capital payback period of 2.5 years; after-tax payback of three years;
• Average life-of-mine (LOM) annual pretax cash flow: $1,019-million; annual after-tax cash flow: $644-million;
• Initial capital costs (capex) estimated at $681-million;
• Total capex LOM estimated at $2,565-million; sustaining capital estimated at $236-million;
• Operating cost (opex) estimated at $5,092/t LCE;
• PEA mine and processing plan produces 2.64 million tonnes LCE LOM over 43 years;
• Steady-state average of 23,145 tonnes per annum (tpa) LCE phase 1; 45,084 tpa phase 2; and 72,624 tpa phase 3.

"We are very pleased to have filed this updated PEA on Falchani, which shows very robust economics for this large-scale, high-purity, hard-rock project," stated Simon Clarke, chief executive officer of American Lithium. "This is a major milestone in the process to complete prefeasibility and move the project into mine permitting. The filing of the semi-detailed environmental impact assessment late last year also positions the project to be fast-tracked. Falchani has demonstrated the potential for long-life, high annual production, with one of the lowest operating cost profiles globally for developers."

Falchani PEA highlights alternate case -- LCE-only in phase 1; SOP plus Cs2SO4 added from phase 2:

• Identical LCE production scenario, but with added average production of 81,556 tpa of SOP and 3,796 tpa of Cs2SO4 from years 6 to 43;
• Pretax NPV (8 per cent) of $9.25-billion at $22,500/t LCE, $1,000/t SOP and $58,000/t Cs2SO4;
• After-tax NPV (8 per cent) $5.58-billion at $22,500/t LCE, $1,000/t SOP and $58,000/t Cs2SO4;
• Pretax IRR of 38.5 per cent;
• After-tax IRR of 29.9 per cent;
• Pretax initial capital payback period of 2.5 years; after-tax payback of three years;
• Average LOM pretax annual cash flow (excluding initial capital): $1,227-million; annual after-tax cash flow: $774-million;
• Initial capex estimated at $681-million;
• Total capex estimated at $3,466-million; sustaining capital estimated at $260-million;
• Opex estimated at $5,705/t LCE (for all products);
• Opex estimated at $1,361/t LCE, inclusive of SOP and Cs2SO4 credits;
• PEA mine plan produces 2.64 Mt LCE and 3.10 Mt SOP and 144,247 t Cs2SO4 LOM over 43 years.

Readers are encouraged to review the related Jan. 10, 2024, news release, and the report titled "Falchani Lithium Project NI 43-101 Technical Report -- Preliminary Economic Assessment," dated Feb. 22, 2024, with an effective date of Jan. 10, 2024, which was prepared by DRA Global and Stantec and can be found under the company's profile on SEDAR+ and on the company's website.

The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.

Ted O'Connor, PGeo, executive vice-president of American Lithium and a qualified person as defined by NI 43-101, 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.