American Lithium Corp (AMLI)

[chico237]

American Lithium Says US Funding Will Shore Up Nascent Industry
CEO expects ‘meaningful’ tax credits from US sometime soon
Canadian company has development projects in Nevada and Peru

American Lithium Corp.’s top executive is seeing promising signs that the US government is ready to ramp up funding for the domestic supply chain of battery metals, just as demand for electric vehicles surges.

“In the last year or so we’ve started to see things really start to move,” Chief Executive Officer Simon Clarke said Tuesday in an interview at Bloomberg’s Toronto bureau. There’s “more and more money available from the government to help kick-start a nascent industry.”

The Vancouver-based firm has development-stage lithium projects in Peru and Nevada when demand for the silvery white metal is soaring. The Biden administration’s Inflation Reduction Act, which earmarked $391 billion for domestic energy and climate initiatives, is designed to help battery-metals projects through loans and tax credits, but the timing of such assistance remains to be seen.

Booming global EV sales have boosted lithium consumption, leaving suppliers unable to keep pace with demand and driving up prices of the battery metal to record highs last year. EV makers are hoping that an imminent wave of lithium supply is on its way to provide relief for their expansion plans.

Clarke, 57, said he soon expects some “very meaningful tax credits” for domestic producers of critical minerals. American Lithium is spending more time in Washington, DC, lobbying for help developing its deposit in Nevada.

“It’s definitely going to be more and more on the agenda for us to head down there,” he said.

DoE/LPO & Recent U.S. Legislation has been moving forward.
$700 MILLION ~ LPO Announces Conditional Commitment to Ioneer Rhyolite Ridge to Advance Domestic Production of Lithium and Boron, Boost U.S. Battery Supply Chains~
https://www.energy.gov/lpo/articles/lpo-announces-conditional-commitment-ioneer-rhyolite-ridge-advance-domestic-production
https://www.energy.gov/lpo/inflation-reduction-act-2022
Inflation Reduction Act creates new tax break for US critical minerals

Under the advanced manufacturing production credit outlined in the legislation, mining companies that produce any of the critical minerals listed in the bill will qualify for a tax credit equivalent to 10% of the cost of production for that mineral. The minerals produced must meet specific purity levels to qualify for the credit.
Eligible materials include aluminum, lithium and graphite, all of which are important inputs for clean energy technologies such as electric vehicle batteries.
The new credit is aimed at reducing reliance on nations such as China and Russia for critical minerals, which has been a priority for Sen. Joe Manchin, D-W.Va.

Chico