American Lithium To Reduce Royalty Obligations For TLC Project/Expand Holdings In Esmeralda Lithium District

VANCOUVER, BC - American Lithium Corp. has reached an agreement with Nevada Alaska Mining Co., Inc., under which the Company will buyback one-and-one-half percent (1.5%) of the existing gross overriding royalty pertaining to the Company’s wholly owned TLC Lithium Claystone property near Tonopah, Nevada.

Nevada Alaska currently holds a two-and-one-half percent (2.5%) gross overriding royalty on commercial production from the TLC Property, and following completion of the Buyback will continue to hold a one percent (1.0%) royalty.

Michael Kobler, Chief Executive Officer of American Lithium, commented: “Reducing the royalty obligations at TLC is a significant step forward as we look to further advance the property and ultimately assess economic viability.”

The Company also announces that it has reached an agreement to acquire all of the outstanding share capital of Nevada company (NevadaCo) which holds the rights to a series of lode mining claims totaling approximately 2,000 acres contiguous to and north and northwest of the TLC property. The claims are highly prospective for lithium claystone, based on projections from recent drilling work conducted by the Company on the TLC Property, and surface sampling of an outcrop to the north of the property. NevadaCo holds all rights to the claims, and they are not subject to any ongoing royalties or encumbrances.