American Lithium Corp. (“
American Lithium” or the
“
Company”) (TSX-V:LI | NASDAQ:AMLI |
Frankfurt:5LA1) provides financial and operating highlights for the
first quarter ended May 31, 2023. Unless otherwise stated, all
amounts presented are in Canadian dollars.
“We continue to see good progress on all fronts
and delivered on several key milestones,” stated Simon Clarke, CEO
of American Lithium. “We filed a robust maiden PEA at our wholly
owned TLC Lithium Project in Nevada (“TLC”) and that project has
now moved into pre-feasibility with DRA Global as lead
engineer.
In Peru, we continue to make good progress at
our Falchani Lithium Project (“Falchani”) as it moves through
pre-feasibility and as we look to complete the Environmental Impact
Assessment launched in 2022 with SRK and the associated drill
program which post quarter end has delivered the highest-grade
lithium and cesium samples seen to date.
We were also pleased to receive the first of
three drill permits to commence development and discovery drilling
at and around Falchani, enabling the commencement of drilling on
some highly prospective targets at Quelcaya 5 – 6 kms west from
Falchani.”
Highlights of the Quarter:
- Appointment of DRA
Global – announced the appointment of DRA Global as lead
engineer to coordinate completion of pre-feasibility at
Falchani.
- Filing of TLC PEA
– announced the filing of the TLC PEA report and appointment of DRA
Global as lead engineer for TLC pre-feasibility.
- Drill Permit Received in
Peru - first of three drill permits received to commence
additional development and discovery drilling at and around the
Falchani Lithium Project in Peru, a major development for the
Company.
Subsequent Events:
- Strategic
Investment– invested C$5,380,000 in Surge Battery Metals
(9.7% interest) to the support development of the Northern Nevada
Claystone Project.
- July
12th – Intersected High-Grade
Lithium at Falchani – reported highest grades of both
Lithium and Cesium encountered at the project to date.
Selected Financial DataThe
following selected financial data is summarized from the Company’s
consolidated financial statements and related notes thereto (the
“Financial Statements”) for the first quarter
ended May 31, 2023. Copies of the Financial Statements and MD&A
are available at www.americanlithiumcorp.com or on SEDAR at
www.sedar.com.
|
Three MonthsMay 31, 2023 |
Three MonthsMay 31, 2022 |
Loss and comprehensive loss |
($11,122,415) |
($8,992,780) |
Loss per share - basic and diluted |
($0.05) |
($0.04) |
|
As AtMay 31, 2023 |
As AtFebruary 28, 2022 |
Cash, cash equivalents and short-term investments |
$34,465,530 |
$40,622,180 |
Total assets |
$188,859,007 |
$194,280,141 |
Total current liabilities |
$1,964,550 |
$1,738,766 |
Total liabilities |
$2,095,404 |
$1,890,074 |
Total shareholders’ equity |
$186,763,603 |
$192,280,141 |
About American
LithiumAmerican Lithium is actively engaged in the
development of large-scale lithium projects within mining-friendly
jurisdictions throughout the Americas. The Company is currently
focused on 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 Hard-rock Lithium Project and Macusani Uranium Project 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 is well advanced at Falchani and has
commenced at TLC.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com for project update videos
and related background information.
Follow us on Facebook, Twitter and
LinkedIn.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”CEO & DirectorTel: 604 428 6128
For Media Inquiries:
Nancy ThompsonVorticom, Inc.212-532-2208
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward
Looking InformationThis news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the ability to appeal the
judicial ruling, the anticipated completion of pre-feasibility
work, and any other statements regarding the business plans,
expectations and objectives of American Lithium. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend",
“indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”,
“efforts”, “option” and similar words, or the negative connotations
thereof, referring to future events and results. Forward-looking
statements are based on the current opinions and expectations of
management and are not, and cannot be, a guarantee of future
results or events. Although American Lithium believes that the
current opinions and expectations reflected in such forward-looking
statements are reasonable based on information available at the
time, undue reliance should not be placed on forward-looking
statements since American Lithium can provide no assurance that
such opinions and expectations will prove to be correct. All
forward-looking statements are inherently uncertain and subject to
a variety of assumptions, risks and uncertainties, including risks,
uncertainties and assumptions related to: American Lithium’s
ability to achieve its stated goals;, which could have a material
adverse impact on many aspects of American Lithium’s businesses
including but not limited to: the ability to access mineral
properties for indeterminate amounts of time, the health of the
employees or consultants resulting in delays or diminished
capacity, social or political instability in Peru which in turn
could impact American Lithium’s ability to maintain the continuity
of its business operating requirements, may result in the reduced
availability or failures of various local administration and
critical infrastructure, reduced demand for the American Lithium’s
potential products, availability of materials, global travel
restrictions, and the availability of insurance and the associated
costs; the judicial appeal process in Peru, and any and all future
remedies pursued by American Lithium and its subsidiary Macusani to
resolve the title for 32 of its concessions; the ongoing ability to
work cooperatively with stakeholders, including but not limited to
local communities and all levels of government; the potential for
delays in exploration or development activities; the interpretation
of drill results, the geology, grade and continuity of mineral
deposits; the possibility that any future exploration, development
or mining results will not be consistent with our expectations;
risks that permits will not be obtained as planned or delays in
obtaining permits; mining and development risks, including risks
related to accidents, equipment breakdowns, labour disputes
(including work stoppages, strikes and loss of personnel) or other
unanticipated difficulties with or interruptions in exploration and
development; risks related to commodity price and foreign exchange
rate fluctuations; risks related to foreign operations; the
cyclical nature of the industry in which American Lithium operates;
risks related to failure to obtain adequate financing on a timely
basis and on acceptable terms or delays in obtaining governmental
approvals; risks related to environmental regulation and liability;
political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic
environment and the effects upon the global market generally, any
of which could continue to negatively affect global financial
markets, including the trading price of American Lithium’s shares
and could negatively affect American Lithium’s ability to raise
capital and may also result in additional and unknown risks or
liabilities to American Lithium. Other risks and uncertainties
related to prospects, properties and business strategy of American
Lithium are identified in the “Risk Factors” section of American
Lithium’s Management’s Discussion and Analysis filed on May 29,
2023, and in recent securities filings available at www.sedar.com.
Actual events or results may differ materially from those projected
in the forward-looking statements. American Lithium undertakes no
obligation to update forward-looking statements except as required
by applicable securities laws. Investors should not place undue
reliance on forward-looking statements.
Cautionary Note Regarding Macusani
Concessions32 of the 174 Falchani Project and Macusani
Project concessions now held by American Lithium’s subsidiary
Macusani, are currently subject to Administrative and Judicial
processes (together, the “Processes”) in Peru to overturn
resolutions issued by the Geological, Mining, and Metallurgical
Institute of Peru (“INGEMMET”) and the Mining Council of the
Ministry of Energy and Mines of Peru (“MINEM”) in February 2019 and
July 2019, respectively, which declared Macusani’s title to the 32
concessions invalid due to late receipt of the annual validity
payment. Macusani successfully applied for injunctive relief on
these 32 concessions in a Court in Lima, Peru, and the grant of the
Precautionary Measures (Medida Cautelar) has restored and
maintained the title, rights, and validity of those 32 concessions
to Macusani. On November 2, 2021, the Company was made aware that
the judicial ruling in relation to those 32 concessions had been
issued in favour of the Company. The ruling restored full title to
these concessions. On November 26, 2021, the Company confirmed that
appeals of the judicial ruling were lodged by INGEMMET and MINEM,
and subsequently other parties. The appeals will be considered by a
higher court tribunal and are currently scheduled for September 7,
2023. If American Lithium’s subsidiary Macusani does not obtain a
successful resolution to the Processes, Macusani’s title to
the 32 concessions could be revoked. However, the Company would
then have further recourse through an appeal to the Supreme
Court.
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