American Lithium provides update on operating activities

American Lithium (AMLI) provided an update on operating activities. TLC Lithium Project: An updated Mineral Resource Estimate is being finalized by Stantec Consulting Services Inc., with completion expected in November. This updated MRE is benefitting from the addition of 42 new drill holes drilled subsequent to the current MRE, which was filed January 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 pre-feasibility study. Further study of resource pre-concentration 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 pre-pilot leach testing and flow-sheet optimization work. Environmental baseline study work and hydrology/water monitoring is on-going 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 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 concessions 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 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, 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 on-going focusing on minimizing acid and reagent consumption while maximizing lithium recovery and maintaining a high lithium carbonate purity at Falchani. Upcoming 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 for advanced exploration of the Macusani project. The DIA will allow in-fill 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 continue to see positive developments as they engage with MINEM and the Peruvian Nuclear regulator to advance the regulatory framework required to facilitate uranium production and transport and export of yellowcake in Peru. In further progress, Peru, as an original founding member of the International Atomic Energy Agency, 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 spin-out 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.