American Lithium Corp. announced that it has now completed and submitted the Semi-Detailed Environmental Impact Assessment Study ("EIA-sd") for the Falchani Lithium Project in Southern Peru ("Falchani") to the Ministry of Energy and Mines ("MINEM"). The EIA-sd commenced in July 2022 with SRK Peru leading the process and EDASI SAC providing environmental services including detailed hydrological /hydrogeological studies at Falchani. The filing of the EIA-sd was achieved ahead of schedule. With the filing acknowledged by MINEM, regulatory approval for the EIA-sd is anticipated in the coming months. It is expected that the Final EIA Study, which will enable construction and production at Falchani, will be filed and approved following the completion of the Pre-Feasibility Study ("PFS") and following submission and approval of detailed plans for mining and processing. Highlights of EIA-sd: Provides a framework for approval of all major phases required to finalize the development of Falchani from mining reserve definition to completion of mine construction; A critical part of mine permitting in Peru and its approval should enable fast-tracking of full permits for building the mine, processing facilities and tailings disposal; Provides authority to drill up to 420 drill platforms across the Falchani Project, with no additional drill permits required; Enables drilling of several additional strategic holes, building on the drilling done earlier this year under the hydrogeological permit, which is part of the EIA process; and Completion of the Final EIA Study will follow conversion of Measured and Indicated Resources to Proven and Probable Reserves as part of the PFS and will enable the move to production at Falchani. Mr. Ted O'Connor, P.Geo., a Director of American Lithium, and a Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.