VANCOUVER, BRITISH COLUMBIA, October 31, 2023 – American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1) is pleased to announce an updated Mineral Resource Estimate (“MRE”) that significantly increases the contained lithium (“Li”) for the Falchani Lithium deposit (“Falchani”) located in Puno, southwestern Peru from the previous March 2019 MRE. The updated MRE update was completed by Stantec Consulting Services Inc. (“Stantec”) as part of the process of updating the preliminary economic assessment (“PEA”) for Falchani and will be incorporated into the mine plan within the updated PEA. DRA Global (Lead Engineer for the updated PEA and PFS on Falchani) is now finalizing the updated PEA with completion expected during November.

Stantec is preparing a NI-43-101 Technical Report for the updated Falchani Project MRE which is expected to be published within 45 days.

Highlights: (see Table 1 – New Falchani MRE and Table 2 – Original Falchani MRE)

Link to: Figure 1 – Falchani Project Mineral Classification and Drill Platform Location Map

Measured + Indicated – 5.53 million tonnes (“Mt”) Lithium Carbonate Equivalent (“LCE”) (447 Mt @ 2,327 ppm Li) an increase of 476%;
Measured Resource – 1.01 Mt LCE (69 Mt @ 2,792 ppm Li);
Indicated Resource – 4.52 Mt LCE (378 Mt @ 2,251 ppm Li);
Inferred Resource – 3.99 Mt LCE (506 Mt @ 1,481 ppm Li);
Base Case cut-off has been lowered to 600 ppm Li from previous 1,000 ppm cutoff based on strong project economics specifically updated operating costs and $20,000/tonne (“t”) LC selling price;
At 1,000 ppm cut-off, the updated Measured + Indicated Resource is 5.32 Mt LCE versus 0.96 Mt LCE from previous March 2019 MRE – an increase of 455%; and
Increased size and grade of resource supports long production potential at Falchani.
Simon Clarke, CEO of American Lithium states, “We are extremely pleased with the results of our EIA drill program and the very large increase in resources at Falchani which includes, doubling the contained lithium. Falchani is now one of the largest hard rock lithium projects globally with the ability to produce high purity battery grade lithium carbonate. The inclusion of potassium, cesium and rubidium in the resource block model provides the opportunity to include Sulfate of Potash (SOP) and Cs-Rb potential by-products into future financial modelling of Falchani. DRA Global has commenced mine plan modelling and updating capital and operating costs for the updated PEA, expected within the next several weeks. These strong and strategic updates to the PEA will enable us to fast-track the completion of the PFS.

Table 1 – New Falchani Mineral Resource Estimate (October 23, 2023)
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