Business
American Lithium Announces Financial and Operating Highlights for Year and Quarter Ended February 29, 2024
VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5
About this update from American Lithium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 30, 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 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: Inters...