Mr. Alex Tsakumis reports

AMERICAN LITHIUM PROVIDES OPERATIONS UPDATE

American Lithium Corp. has provided an update on operating activities. "We are making steady progress across all our projects," said American Lithium interim chief executive officer Alex Tsakumis. "Our focus remains on diligently advancing each initiative as we are preparing for the anticipated recovery in the battery metals market. Recent market activity is reigniting optimism as our projects remain robust and are supported by strong fundamentals and sound economics."

TLC lithium project

An updated mineral resource estimate (MRE) is being finalized by Stantec Consulting Services Inc., with completion expected in November. This updated MRE is benefiting from the addition of 42 new drill holes (26 diamond core and 16 reverse circulation holes) drilled subsequent to the current MRE, which was filed Jan. 16, 2023, and was based on 82 drill holes.

The new drill holes were targeted to expand the measured resource through the conversion of indicated resources to the measured category as the company continues its work on the prefeasibility study.

Further study of resource preconcentration assessing the ability to upgrade feed material prior to leach processing has begun using a bulk sample generated from earlier large-diameter drill core. This upgraded material will be used for future pilot and prepilot leach testing and flow sheet optimization work.

Environmental baseline study work and hydrology/water monitoring are continuing as the company readies to commence the mine plan of operations permitting process as industry fundamentals strengthen.

Peru

American Lithium eagerly awaits the Peruvian Supreme Court's decision on whether it will hear the final petition from the Peruvian Ministry of Energy and Mines (MINEM) and INGEMMET appealing previous high court rulings in favour of the company and its ownership of disputed concessions.

According to judiciary public postings, the formal appeal process has concluded and the court is expected to make a public announcement on whether the appeal has the merits to be heard or not. It is the company's expectation that the Supreme Court will decline to hear the case, marking the end of the 32-concession dispute.

All agreements with local affected communities and other stakeholders are current and in good standing and remain a high priority for the company.

Falchani lithium project

The company is awaiting regulatory approval of the semi-detailed environmental impact assessment study (EIA-sd) submitted in November, 2023, having successfully responded to Peruvian authorities' questions and clarifications requested on the EIA-sd work.

According to recent public statements by the Vice-Minister of Mines (MINEM), the Falchani permitting process is nearing completion and approvals are expected soon. This will allow the completion of any further drilling or bulk sampling on the project without the need for additional permits, clearing the project to proceed through feasibility and mine permitting.

Processing flow sheet optimization work remains continuing focusing on minimizing acid and reagent consumption while maximizing lithium recovery and maintaining a high lithium carbonate purity at Falchani.

Coming plans focus on pilot plant testing. Equipment for the pilot plant is being quoted and will soon be purchased for flow sheet piloting by Tecmmine in Peru. Once piloting starts, the work will be completed under the direction of the DRA Global metallurgical team.

Macusani uranium project

The company is awaiting approval from the Peruvian authorities of its exploration environmental permits (DIA) for advanced exploration of the Macusani project. The DIA will allow infill and expansion drilling at existing uranium deposits in addition to authorizing the drill testing of over 40 surface uranium mineralization targets currently known on the project.

Peruvian management continues to see positive developments as they engage with MINEM and the Peruvian nuclear regulator (Instituto Peruano de Energia Nuclear (IPEN)) to advance the regulatory framework required to facilitate uranium production and transport and export of yellowcake (triuranium octoxide) in Peru. In further progress, Peru, as an original founding member of the International Atomic Energy Agency (IAEA), recently hosted leaders of the IAEA to meet with the Peruvian president indicating commitment to explore nuclear electricity generation in the country.

Finally, the company is continuing to explore value opportunities regarding Macusani for the benefit of its shareholders. With this objective, management is engaging with interested parties on a potential spinout of Macusani into an independent, well-capitalized, uranium-focused public company. American Lithium aims to leverage this optionality to strengthen its balance sheet on a non-dilutive basis, supporting both near-term and long-term financial goals while seeing its large-scale uranium project move forward through piloting, feasibility and beyond.

Qualified person

Ted O'Connor, PGeo, executive vice-president of American Lithium and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release.

About American Lithium Corp.

American Lithium is developing two of the world's largest, advanced-stage lithium projects, along with the largest undeveloped uranium project in Latin America. They include the TLC claystone lithium project in Nevada as well as the Falchani hard-rock lithium project and the Macusani uranium deposit, both in southern Peru. All three projects have been through robust preliminary economic assessments, exhibit significant expansion potential and enjoy strong community support.

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