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American Lithium Announces Financial Highlights for Year Ended February 28, 2023 and Operating Highlights for the Quarter
VANCOUVER, British Columbia, June 02, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:
About this update from American Lithium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 02, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1) is pleased to provide financial highlights for the fiscal year ended February 28, 2023 and operating highlights from the quarter ended February 28, 2023. Unless otherwise stated, all amounts presented are in Canadian dollars. “This was indeed a very active quarter delivering on several key milestones, corporately and on the ground in Nevada and Peru,” stated Simon Clarke, CEO of American Lithium. “A new updated mineral resource estimate set the foundation for completion of a highly robust maiden PEA at our wholly owned TLC Lithium Project in Nevada (“TLC”) and that project has now moved into pre-feasibility. In Peru, we continue to make good progress on our Falchani Lithium Project (“Falchani”) as it moves through pre-feasibility and as we look to complete the Environmental Impact Assessment launched in 2022 with SRK. We were also very pleased to commence trading on the Nasdaq exchange in January and as previously announced continue to advance the spin out of our Macusani Uranium Project.” During the Quarter: Mineral Resource Estimate at TLC – reported significant increase in lithium resources at TLC: Measured Resources increased 25% and Indicated Resources increased 129%. Reporting of PEA – announced the results of a robust PEA at TLC with Base Case – After-tax NPV8% US$3.26 Billion & After-tax IRR of 27.5%. Macusani “Spin Out” – announced intention to “spin-out” its Macusani Uranium Project in Peru into an independent public company for the benefit of shareholders of record. Nasdaq Listing – commenced trading on Nasdaq Capital Markets under the symbol AMLI in January, 2023. Royalty Buyback – announced buyback of the remaining 1% royalty at TLC Lithium Project which is now 100% owned by the Company. Test Work Results at TLC – confirmed 99.4% purity lithium carbonate precipitation after 97.7% lithium leach extraction and overall lithium recovery of 88.1% at TLC Lithium Project. Subsequent Events: Strategic Investment – arranged a C$7,160,000 strategic investment in Surge Battery Metals after which American Lithium is expected to own approximately 9.9% of the Company’s issued and outstanding common shares on an undiluted basis. Drill Permit Received in...