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VANCOUVER, British Columbia, Jan. 16, 2024 (GLOBE NEWSWIRE) — American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is a financial and We provide management. Highlights of the third quarter ended November 30, 2023. All amounts shown are in Canadian dollars unless otherwise stated.
Simon Clarke, CEO of American Lithium, commented: “It has been a very busy period with significant results across projects in Peru and Nevada. This momentum continued past the end of the quarter and with the completion of Falciani’s latest PEA, which tripled the NPV from the previous PEA. The project’s very solid economics are highlighted by the fact that
Highlights from this quarter:
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Resource updates in Falchani – Newly updated Mineral Resource Estimate (“MRE”) increases Measurable Resources (“M&I”) by 476% to 5.53 million tonnes (“Mt”) of lithium carbonate (447 Mt @ 2,327 ppm) . ) Li) to the block model.
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Unanimous judgment in Peru – The Peruvian High Court unanimously upholds a previously announced judgment in favor of the company’s subsidiary, Maksani Yellowcake, regarding the disputed title to 32 of the 172 disputed concessions owned by Maksani. did. The court’s judgment clearly establishes that Maksani is the rightful owner of these interests, and in October 2018, the Institute of Geology, Mining and Metallurgy (“INGEMMET”) and the Ministry of Energy and Mines (“MINEM”) started It emphasizes that the lawsuit filed was baseless. And baseless.
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Semi-detailed environmental impact study (EIA-sd) – Submitted Falchani to MINEM ahead of schedule. With the approval of the application by MINEM, regulatory approval of the EIA-sd is expected to occur in the coming months.
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Lithium discovered in Quercaya, Peru – A new lithium (“Li”) discovery was made six kilometers west of Falcani, with analysis confirming up to 2,668 ppm lithium and over 222 meters of continuous mineralization.
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Improvement of flow sheet – Continuous improvement of the TLC PEA flowsheet with higher Li purity (99.54%) indicates improved economic potential of this project.
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Annual General Meeting – Shareholders voted in favor of the proposals set out in the Management Information Circular, including the re-election of seven members of the Board of Directors for the current financial year.
Subsequent events:
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Updated PEA for Falchani – Highlights strong economic conditions, tripled after-tax NPV to USD 5.11 billion, IRR of 32% and low operating costs of USD 5,093 per LCE.
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Submitted technical report on Falchani – The independent National Instrument 43-101 technical report on the updated MRE for Falchani shows a 476% increase in M&I resources.
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Expand your resource footprint with TLC – Step-out drilling expanded the measured resource footprint of the TLC lithium project. A total of 26 diamond core holes and 16 reverse circulation holes drilled in 2022 and 2023 have been added to the latest mineral resource block model and will be incorporated into the latest MRE on TLC.
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Petition filed in Peru – Following the unanimous judgment of the Superior Court of Peru confirming the Company’s title to 32 disputed concessions, INGEMMET and MINEM petitioned the Supreme Court in a final attempt to overturn the judgment.
Selected financial data
Selected financial data below has been summarized from our consolidated financial statements and related notes (“financial statementsCopies of the financial statements and MD&A are available at www.americanlithiumcorp.com or on SEDAR+ (www.sedarplus.ca).
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Three months |
Three months |
|||||
|
Loss and comprehensive loss |
($11,169,972) |
($5,436,973) |
||||
|
Loss per share – basic and diluted |
($0.05) |
($0.03) |
||||
|
As is |
As is |
|||
|
Cash, cash equivalents and guaranteed investment securities |
$17,086,502 |
$40,622,180 |
||
|
short term investment |
$4,171,420 |
– |
||
|
Total assets |
$177,178,511 |
$194,280,141 |
||
|
Total current liabilities |
$2,195,227 |
$1,738,766 |
||
|
Total debt |
$4,389,041 |
$1,890,074 |
||
|
Total shareholders’ equity |
$172,789,470 |
$192.39 million |
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horseflyamerican lithium
American Lithium is actively engaged in developing large-scale lithium projects in mining-friendly jurisdictions throughout the Americas. The Company is currently engaged in the continued development of the TLC Lithium Project (“TLC”), strategically located in the mineral-rich Esmeralda Lithium District of Nevada, and the Falchani Lithium Project (“Falchani” in southeastern Peru). and the Maksani Uranium (“Maxani”) development stage project. All three of his projects – TLC, Falchani and Macusani – have undergone robust preliminary economic evaluations, have shown significant expansion potential and have received strong support from the community. TLC and Falchani’s pre-feasibility work is progressing well.
For more information, please contact us at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com.
Follow us on Facebook, Twitter, and LinkedIn.
On behalf of the Board of Directors of American Lithium Corp.,
“Simon Clarke”
Representative Director and President
Phone: 604 428 6128
Neither 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 Note Regarding Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements in this news release include, without limitation, statements regarding American Lithium’s business plans, expectations and objectives. Forward-looking statements often refer to statements that include “may,” “will,” “plan,” “expect,” “anticipate,” “estimate,” “intend,” or “suggest.” Identified by words such as “will,” “scheduled,” and “target.” , “goal,” “possibility,” “subject,” “effort,” “option” and similar words, or their negative connotations that refer to future events or results. Forward-looking statements are based on management’s current beliefs and expectations and are not and cannot guarantee 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, American Lithium Undue reliance should not be placed on forward-looking statements as they are not guaranteed. It will be proven correct. All forward-looking statements are inherently uncertain and are subject to various assumptions, risks and uncertainties, including risks, uncertainties and assumptions relating to: American Lithium’s operations are subject to the inability to access mineral resources for an unspecified time, the health of employees or consultants that causes delays or reduced production capacity, social or political instability in Peru; , which could impact American Lithium’s capacity. reduced availability or failure of various local governments and critical infrastructure, reduced demand for American Lithium’s potential products, material availability and global travel restrictions to maintain continuity of business operational requirements; , the availability of insurance and related insurance may decline. cost. Ongoing ability to work collaboratively with stakeholders, including but not limited to local communities and all levels of government. potential delays in exploration or development activities; Interpretation of drilling results, geology, deposit grade and continuity. the possibility that future exploration, development and mining results will not meet our expectations; Risk of not being able to obtain permits as planned or of delays in obtaining permits. mining and development risks, including risks associated with accidents, equipment failure, labor disputes (including work stoppages, strikes, loss of personnel) or other unforeseen difficulties or interruptions in exploration or development; risks related to fluctuations in commodity prices and exchange rates; Risks related to overseas operations. the cyclical nature of the industry in which American Lithium operates; risks related to the inability to obtain adequate funding on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulations and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment and its impact on global markets generally; Any of these could continue to have an adverse effect on global financial markets, including the trading price of American Lithium stock, could adversely affect American Lithium’s ability to raise capital, and could result in Introduces additional unknown risks or liabilities. Other risks and uncertainties related to American Lithium’s prospects, assets and business strategy are discussed in the “Risk Factors” section of American Lithium’s management’s discussion and analysis filed on October 16, 2023; Identified in recent securities filings available at www.sedarplus.ca. . Actual events or results may differ materially from those anticipated in the forward-looking statements. American Lithium undertakes no obligation to update any forward-looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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