American Lithium Adds Additional Independent Member to Board of Directors with Appointment of Peru-Based Director

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VANCOUVER, British Columbia, Oct. 04, 2022 (GLOBE NEWSWIRE) — American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V: LI | OTCQB: LIACF | Frankfurt: 5LA1) is pleased to announce the appointment of Carsten Korch to the Board of Directors and member of the Audit Committee.

Carsten is a Peru-based entrepreneur with over 30 years of experience as a founder, co-founder and board member of companies in various industries. Carsten has lived in Peru for over 20 years and is an established member of this community with deep connections across the country.

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Carsten is an innovative leader who specializes in project development and government issues and has significant experience in audit committee and compensation matters. He was an early investor in Assante Gold Corporation (West Africa) and supported the company throughout exploration, development and production. He is an independent member of the Board of Directors and a member of the Audit Committee. He is also a board member of Panoro Apurimac SA., a private copper exploration company in Peru. Carsten was born and raised in Denmark and communicates in 6 languages ​​including Spanish.

Andy Bowering, President of American Lithium, said, “We are very pleased to welcome Carsten to the company. He is an innovative, resourceful and forward-thinking leader with deep connections and connections in Peru and a strong knowledge of local issues. He sees great potential in our projects, as well as the benefits they can unlock for Peru and is committed to supporting and working with our team and stakeholders to help us maximize value.

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PSU Options and Awards
In connection with the above appointment of Carsten Korch, the Company also announces that it has granted a total of 150,000 incentive stock options (the “Choice”) and 150,000 restricted stock units (the “USR”) in accordance with the Company’s incentive plan (the “Incentive plan”), and compensation for continued services to the Company. The options vest over a 12-month period and are exercisable at a price of $2.14 until July 4, 2027. Each RSU represents the right to receive, once vested, one common share in the capital of the Corporation. The PSUs will vest on July 4, 2024, subject to early vesting in the event of a change of control and subject to the policies of the TSX Venture Exchange.

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A Bon American Lithium
American Lithium, a member of the TSX Venture 50, is actively engaged in the development of large-scale lithium projects in mining-friendly jurisdictions across the Americas. The Company is currently focused on transitioning to the new energy paradigm through the continued development of its strategically located TLC lithium clay project in Nevada’s richly mineralized Esmeralda lithium district, as well as its continued development lithium Falchani and uranium Macusani. stage projects in the southeast of Peru. Both Falchani and Macusani have strong preliminary economic assessments, show strong potential for significant expansion and enjoy strong community support. Pre-feasibility work has now started at Falchani.

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The TSX Venture 50 is a ranking of the best performing companies in each of the 5 industry sectors on the TSX Venture Exchange over the past year.

For more information, please contact the company at [email protected] or visit our website at www.americanlithiumcorp.com for project update videos and related background information.

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On behalf of the Board of Directors of American Lithium Corp.

“Simon Clarke”

CEO and director

Tel: 604 428 6128

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.

Caution Regarding Forward-Looking Information
This press 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 press release include, but are not limited to, statements regarding the ability to appeal the court ruling, and any other statements regarding American’s business plans, expectations and goals. Lithium. Forward-looking statements are frequently identified by words such as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “indicate”, “planned”, “target”, “goal”, “potential”, “purpose”, “efforts”, “option” and similar words, or their negative connotations, referring to future events and results. Forward-looking statements are based on management’s current beliefs and expectations are not, and cannot be, guarantees of future results or events. Although American Lithium believes that the beliefs and current expectations reflected in these forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on any forward-looking statements, as American Lithium cannot guarantee that these 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 relating to: American Lithium’s ability to achieve its stated objectives; the risks and uncertainties associated with the COVID-19 pandemic and the extent and how actions taken by governments and their agencies, American Lithium or others to attempt to reduce the spread of COVID-19 could affect American Lithium , which could have a material adverse impact on many aspects of American Lithium’s business, including, but not limited to: the ability to access mining properties for indefinite periods of time, the health of employees or consultants resulting in delays or reduced capacity, social or political instability in Peru which, in turn, could impact American Lithium’s ability to maintain the continuity of its operating needs, may result in reduced availability or failures of various local governments and critical infrastructure, reduced demand for potential American Lithium products, availability of materials, restrictions worldwide travel plans and the availability of insurance and related costs; the judicial appeal process in Peru, and all future remedies pursued by American Lithium and its subsidiary Macusani to resolve title to 32 of its concessions; risks relating to pending regulatory proceedings with the Ontario Securities Commission; continued ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; the possibility of delays in exploration or development activities due to the COVID-19 pandemic; interpretation of drill results, geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not meet our expectations; risks that permits will not be obtained as expected or delays in obtaining permits; mining and development risks, including risks relating to accidents, equipment failure, labor disputes (including work stoppages, strikes and loss of personnel) or other unforeseen difficulties or interruptions to exploration and development; risks related to fluctuations in commodity prices and exchange rates; risks related to foreign operations; the cyclical nature of the industry in which American Lithium operates; risks relating to the inability to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining government 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 on the global market generally, and due to the COVID-19 pandemic, the measures taken to reduce the spread of COVID-19, any of which may continue to adversely affect global financial markets, including the stock price of American Lithium and could adversely affect American Lithium’s ability to raise capital and could also result in additional and unknown risks or liabilities for American Lithium. Additional risks and uncertainties relating to American Lithium’s prospects, properties and business strategy are identified in the “Risks and Uncertainties” section of Plateau’s MD&A filed on January 19, 2021, in the “Risk Factors” section. of the American Lithium MD&A. and Analysis filed January 29, 2021 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. Macusani Claims Warning Thirty-two of the 151 claims held by American Lithium subsidiary Macusani are currently the subject of administrative and legal proceedings (together, the “Proceedings”) in Peru to overturn the resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared Macusani’s title to 32 of the concessions invalid due to late receipt of annual validity payments. In November 2019, Macusani sought an injunction on 32 claims in a court in Lima, Peru, and was successful in obtaining such an injunction on 17 of the claims, including three of the four claims included in the Macusani Uranium Project PEA. . The granting of the precautionary measure (Medida Cautelar) restored the title, rights and validity of these 17 concessions to Macusani until a final decision is reached at the last stage of the judicial process. A request for a conservatory measure was filed at the same time for the remaining 15 concessions and was finally granted by a court in Lima, Peru, on March 2, 2021, which also restored the title, rights and validity of these 15 remaining concessions to Macusani, with the result being that the 32 concessions are now protected by a precautionary measure (Medida Cautelar) until a final decision on this matter is reached at the last stage of the judicial process. The judge’s favorable decision confirming the title of all 32 concessions as of November 3, 2021 represents the final step in the ongoing legal process. However, this decision was recently appealed by MINEM and INGEMMET. American Lithium has no assurance that the outcome of these appeals will be in favor of the Company.

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