American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce that after a review by the Company, along with its advisors, it has made the decision to pursue a “spin-out” of its Macusani Uranium Project (the “Macusani Project”) into an independent public company (the “Transaction”).

The Company views a spin-out of the Macusani Project into a stand-alone vehicle as the preferred route to generate value for American Lithium and its shareholders from the continued development of this large-scale uranium project.

The re-structuring of the Macusani Project’s ownership is well advanced, and the Company anticipates being in a position to finalize the terms of the Transaction in early 2023.

American Lithium believes that its current share price does not fully recognize the value of the Macusani Project and that by structuring an appropriate “spin-out” into an independent, uranium focused vehicle, the Company and its shareholders will benefit from unlocking the value of this project.  Additionally, this will allow American Lithium to concentrate its efforts on advancing its two premier lithium projects, TLC in Nevada and Falchani in Peru.

Nuclear energy is experiencing a robust renaissance because it clearly stands out as the planet’s cleanest, most cost-effective and reliable form of 24/7 dispatchable energy. Accordingly, the world’s premier uranium deposits are attracting more and more global interest.

American Lithium | www.americanlithiumcorp.com