VANCOUVER, British Columbia, Oct. 16, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. ("American Lithium" or the "Company") (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is pleased to provide financial and operating highlights for the second quarter ended August 31, 2024. Unless otherwise stated, all amounts presented are in Canadian dollars.
Highlights for the Quarter:
- Falchani Flow Sheet Optimization
- Implementation of numerous additional tried and tested hydrometallurgical processing steps to optimize the core flow sheet and materially reduce costs;
- Reduction of sulfuric acid consumption by approximately 50%; and
- Improvement in the specification of key by-products, sulfate of potash and cesium.
- Application to Nasdaq for Extension to Minimum Price Requirement
- Additional 180 calendar day extension to regain compliance with the Minimum US$1 Bid Price Rule.
Board Appointment:
The Company is also pleased to announce the appointment of Rona Sellers to its Board of Directors, including joining the corporate governance, nominating and compensation committee. Ms. Sellers is an experienced board and governance professional with more than 12 years of experience in corporate and securities law. Most recently, she held the role of Vice President ("VP") Compliance and Corporate Secretary at Maple Gold Mines Ltd. and previous to that she was Corporate Secretary at two publicly traded companies listed in Canada and the United States.
Ms. Sellers currently is VP Commercial and Compliance and Corporate Secretary for Apollo Silver Corp. and VP Compliance and Corporate Secretary for United Lithium Corp. She holds a Bachelor of Arts degree from Simon Fraser University and an LLB (Honours) from City, University of London School of Law.
Alex Tsakumis, Interim CEO of American Lithium, comments, "We continue to make progress on the ground both in Nevada and Peru diligently advancing all our projects while recognizing the challenging market backdrop across the lithium sector. However, recent global events in our space specifically in M&A has sparked some renewed optimism as we are poised to benefit as market conditions improve. We are also excited to welcome Rona to the team. Her independence, along with her legal and governance experience, will be a valuable addition to our board, and we are looking forward to working with her."
Selected Financial Data
The following selected financial data is summarized from the Company's consolidated financial statements and related notes thereto (the "Financial Statements") for the second quarter ended August 31, 2024. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com or on SEDAR+ at www.sedarplus.ca.
| Three Months August 31, 2024 | Three Months August 31, 2023 | |||||
| Loss and comprehensive loss | ($6,051,064) | ($10,579,027) | ||||
| Loss per share - basic and diluted | ($0.03) | ($0.05) | ||||
| As At August 31, 2024 | As At February 29, 2024 | |
| Cash and cash equivalents | $5,726,605 | $11,889,416 |
| Total assets | $163,115,078 | $173,594,831 |
| Total current liabilities | $2,267,489 | $3,115,623 |
| Total liabilities | $2,955,785 | $4,246,386 |
| Total shareholders' equity | $160,159,293 | $169,348,445 |
Ted O'Connor, PGeo, Executive Vice-President of American Lithium and a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this news release.
About American Lithium
American Lithium is developing two of the world's largest, advanced-stage lithium projects, along with the largest undeveloped uranium project in Latin America. They include the TLC claystone lithium project in Nevada, the Falchani hard rock lithium project and the Macusani uranium deposit, both in southern Peru. All three projects, have been through robust preliminary economic assessments, exhibit significant expansion potential and enjoy strong community support.
For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com.
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On behalf of the Board of Directors of American Lithium Corp.
"Alex Tsakumis"
Interim CEO
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.
Cautionary Statement 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 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 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 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 October 15, 2024 and in recent securities filings available at www.sedarplus.ca. 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 32 Concessions
Thirty-two of the one-hundred-seventy-four concessions comprising the Falchani and Macusani Projects are currently subject to Administrative and Judicial processes in Peru to overturn resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared title to thirty-two concessions invalid due to late receipt of the annual validity payments. On November 2, 2021, American Lithium was awarded a favorable ruling in regard to title to the concessions, but on November 26, 2021, appeals of the judicial ruling were lodged by INGEMMET and MINEM. A three-judge tribunal of Peru's Superior Court unanimously upheld the ruling in a decision reported in November 2023. American Lithium was subsequently notified that INGEMMET and MINEM have filed petitions to the Supreme Court of Peru to assume jurisdiction in the proceedings. Given the precedent of the original ruling it is hoped that the Supreme Court will not assume jurisdiction; however, there is no assurance of the outcome at this time.
