VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. ("American Lithium" or the "Company") (TSXV:LI, NASDAQ:AMLI, Frankfurt:5LA1)) is pleased to provide financial and operating highlights for the fiscal year and quarter ended February 29, 2024. Unless otherwise stated, all amounts presented are in Canadian dollars. Simon Clarke, CEO of American Lithium, comments, "This was an extremely successful year operationally for both Falchani and TLC, our advanced lithium projects in Peru and Nevada, respectively. We also made strong progress in positioning our large-scale uranium project, Macusani (in Peru), to unlock value for the Company and its shareholders. The filing of the maiden PEA for TLC and an updated PEA on Falchani demonstrated robust economics for both projects and led to a combined after-tax net present value of approximately US$8.37 billion. However, the overall market conditions for lithium developers have been very challenging throughout the financial year, with a major correction in the commodity price driving equity prices to very low valuations. Going forward, with lithium prices appearing to have bottomed and uranium prices having strengthened further, we feel we are uniquely placed to benefit from any sustained recovery and in the interim, we continue to prudently manage our working capital." Highlights for the Year: Nevada: Filed the maiden TLC Preliminary Economic Assessment ("PEA") (1) yielding robust economics on the second largest Measured and Indicated ("M&I") resource and the second highest flow-sheet head-grade for Nevada Claystones: After-Tax NPV8 (US$3.26 billion), IRR (27.5%), Opex estimated at $7,443/t LCE; M&I Resources of 8.83 million tonnes ("t") (2052 Mt @ 809 ppm Li) of Lithium Carbonate Equivalent ("LCE") from latest Mineral Resource Estimate ("MRE"); Average annual production of 38,000 t of LCE over 40 year Life of Mine ("LOM"); Targeted head grade over 2,000 parts per million ("ppm") over LOM and approximately 2,200 ppm at start; Ability to pre-concentrate TLC mineralization. Continued refinement of TLC flow sheet driving higher lithium ("LI") purity, optimization of pre-concentration and enhanced economic potential. Drilling at TLC continued to significantly expand the existing footprint with additional higher grade, near-surface sections. Peru: Intersected the highest grades of Li and Cesium ("Cs") encountered to date at Falchani, up to 5,645 ppm Li and 12,610 ppm Cs.   Significantly extended lithium mineralization up to 400 metres ("m") west at Falchani; Announced a 476% increase in M&I resources over prior MRE (2) to 5.53 million tonnes of LCE (447 Mt @ 2,327 ppm Li) at Falchani: Additional Updated Inferred Resource to 3.99 Mt LCE (506 Mt @ 1,481 ppm Li); Published results of updated PEA (3) at Falchani: After-tax NPV8% tripled to US$5.11 billion, IRR 32.0%, low Opex of $5,093/t LCE; Average annual production of 61,400 t of LCE over 43 year LOM; Targeted head grade > 2,700 ppm over LOM; New lithium discovery 6km west of Falchani with assays up to 2,668 ppm Li, averaging 1,560 ppm Li over 222 m of continuous mineralization; Semi-Detailed Environmental Impact Assessment ("EIA") submitted for Falchani ahead of schedule: Starts mine permitting process for Falchani and key step to completion of full EIA; Upon approval, enables drilling from up to 420 drill platforms across Falchani without the need for additional drill permits; and Approval expected mid-2024. Corporate: Unanimous ruling confirming title to 32 disputed concessions made by Superior Court in Peru: Fully supportive of the Company's position; Subsequent petition by INGEMMET & MINEM to Peruvian Supreme Court in final attempt to reverse Superior Court Ruling: Over 75% of such petitions are rejected/do not meet Supreme Court threshold; Company believes no grounds for Supreme Court to take jurisdiction; Dispute relates to approximately 18% of the Company's 174 concessions; Title to these 32 concessions remains fully protected by injunction; Strategic investment of $5,360,000 into Surge Battery Metals Inc.; Published maiden ESG report covering year-end 2023; Year-end cash / cash equivalents of $11,889,416 and marketable securities worth $6,700,000; and No debt or material royalties. For all technical information related to the (1) TLC PEA Report effective as of January 31st, 2023, the (2) Falchani MRE filed on December 15th, 2023, and the (3) Falchani PEA Report effective as of January 10th, 2024, please refer to the Company's SEDAR+ page at www.sedarplus.ca or the Company's website at www.americanlithiumcorp.com. Readers are cautioned that PEAs are preliminary in nature and include inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEAs will be realized. 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. 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 fiscal year and fourth quarter ended February 29, 2024. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com or on SEDAR+ at www.sedarplus.ca.