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Wednesday, 05/10/2023 1:12:09 PM

Wednesday, May 10, 2023 1:12:09 PM

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5/8/2023 ~American Lithium Receives First of 3 Drill Permits to Commence Additional Development and Discovery Drilling at and around Falchani Peru
American Lithium Receives First of 3 Drill Permits to Commence Additional Development and Discovery Drilling at and around Falchani Peru Drilling to Start Immediately
VANCOUVER, BRITISH COLUMBIA, May 8, 2023 – American Lithium Corp. (“American Lithium” or the
“Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is pleased to announce receipt of the first of three
permits from Peruvian authorities for drilling near Quelcaya, 5-6 kms west of the Company’s Falchani
deposit, and drilling will start immediately.
Simon Clarke, CEO of American Lithium states, “This is a very significant development for the Company
which validates recent supportive comments from the new government in Peru and enables us to target
the discovery of new lithium mineralization on some of the best previously identified targets on the
Macusani Plateau. With momentum building, the Company continues to advance its projects in Peru and
Nevada with PFS work being fast-tracked on both of our large-scale lithium projects.”
This is a major development for the Company as it represents the successful conclusion of the Company’s
permit application process to secure this drill permit which now enables the Company to drill test several
new, high priority lithium targets. It also provides validation of recent comments from the new
government in Peru that the mining sector is now working “as normal” again and supporting the
development of our lithium projects and the industrialization of lithium as a new mineral in Peru.
Given these recent developments, we also anticipate final permits being approved shortly for expansion
and infill drilling at both the Falchani lithium deposit and at the Macusani uranium project. The Company
has four diamond drills on site at Falchani where drilling related to the ongoing environmental impact
assessment (“EIA”)commenced in 2022 and is well advanced. The current intention is to complete drilling
at both Falchani and Quelcaya prior to commencing drilling at Macusani, likely following completion of
the intended spin out of this Project into its own listed vehicle, as previously announced.
• Quelcaya discovery and exploration permit received from MINEM; community access agreements and
other permits already in place; drilling to start immediately on priority targets;
• Final Falchani expansion and infill drill permit expected within the next few weeks;
• Up to 8,000 m of diamond drilling (40 drill holes) planned, including:
o Discovery / exploration diamond drilling at Quelcaya on 3 key target areas 5-6 km west of the
Falchani resource area; recent field work located outcrop grab samples1 of up to 3,272 ppm Li;
o Deposit extension drilling on the Falchani deposit, focused west of Tres Hermanas and to the
northwest of resource footprint on previously untested ground; and
o In-fill drilling within the Falchani resource area for resource reclassification and expansion of the
large, indicated and inferred mineral resource to measured and indicated.
• Pre-feasibility Study (“PFS”) work is well underway on Falchani with completion targeted for late 2023
/ early 2024, including an update to existing PEA by mid 2023 which will include:

o Cesium and potassium by-products which are not currently included; (THIS IS HUGE & WILL GARNER U.S. ATTENTION!!!!! DoD IMPLICATIONS HERE.....)
o Updated long term LCE pricing from original outdated $12,000/t to $20,000/t; and
o Updated mineral resource estimate from current drill program.
1 Grab samples are selective, and the selected nature of such sampling does not necessarily reflect
potential lithium contents expected from future drill testing, however, they do indicate the presence of
lithium mineralization and mineralizing systems in the surface rocks collected.
Market Awareness Program
The Company also announces that it has entered into an agreement (the “Agreement”) with New Era
Publishing Inc., of Vancouver, British Columbia, to provide marketing services including content creation
and distribution and market awareness and educational campaigns as featured on its channels including
The Agreement contemplates a four-month timeframe, with New Era providing services through August
31, 2023, with a total budget of US$1,000,000. Prior to the commencement of services, New Era will
receive an advance deposit of US$250,000 to secure appropriate space for the campaign, with a further
US$250,000 to be paid to commence creative development and the balance of US$500,000 to be paid to
commence the outbound campaign.
New Era has advised that it does not have any equity interest in the securities of the Company, or any
right to acquire such an interest and is at arm’s length to the Company. New Era will provide the Company
with an opportunity to review all content describing the Company with an opportunity to review all
content describing the Company generated by New Era prior to its publication and New Era will not publish
or distribute any content without the prior approval of the Company.
The Company has elected not to proceed with the engagement of Promethean Marketing Inc. previously
announced in the news release issued by the Company on November 2, 2022.
Qualified Person
Mr. Ted O’Connor, P.Geo., a Director of American Lithium, and a Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific
and technical information contained in this news release.
About American Lithium
American Lithium is actively engaged in the development of large-scale lithium projects within miningfriendly 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
claystone 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. Pre-feasibility work
has now commenced at TLC and Falchani.

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