American Lithium Announces Financial and Operating Highlights for Year and Quarter Ended February 29, 2024
30 Maio 2024 - 5:30PM
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:
- Intersected the highest grades of Li
and Cesium (“Cs”) encountered to date at Falchani, up to 5,645 ppm
Li and 12,610 ppm Cs. Significantly extended lithium
mineralization up to 400 metres (“m”) west at Falchani;
- Announced a 476% increase in M&I
resources over prior MRE (2) to 5.53 million tonnes of LCE (447 Mt
@ 2,327 ppm Li) at Falchani:
- Additional Updated Inferred Resource
to 3.99 Mt LCE (506 Mt @ 1,481 ppm Li);
- Published results of updated PEA (3)
at Falchani:
- After-tax NPV8% tripled to US$5.11
billion, IRR 32.0%, low Opex of $5,093/t LCE;
- Average annual production of 61,400
t of LCE over 43 year LOM;
- Targeted head grade > 2,700 ppm
over LOM;
-
New lithium discovery 6km west of Falchani with assays up to 2,668
ppm Li, averaging 1,560 ppm Li over 222 m of continuous
mineralization;
-
Semi-Detailed Environmental Impact Assessment (“EIA”) submitted for
Falchani ahead of schedule:
-
Starts mine permitting process for Falchani and key step to
completion of full EIA;
-
Upon approval, enables drilling from up to 420 drill platforms
across Falchani without the need for additional drill permits;
and
-
Approval expected mid-2024.
Corporate:
- Unanimous ruling confirming title to
32 disputed concessions made by Superior Court in Peru:
- Fully supportive of the Company’s
position;
- Subsequent petition by INGEMMET
& MINEM to Peruvian Supreme Court in final attempt to reverse
Superior Court Ruling:
- Over 75% of such petitions are
rejected/do not meet Supreme Court threshold;
- Company believes no grounds for
Supreme Court to take jurisdiction;
- Dispute relates to approximately 18%
of the Company’s 174 concessions;
- Title to these 32 concessions
remains fully protected by injunction;
-
Strategic investment of $5,360,000 into Surge Battery Metals
Inc.;
-
Published maiden ESG report covering year-end 2023;
-
Year-end cash / cash equivalents of $11,889,416 and marketable
securities worth $6,700,000; and
-
No debt or material royalties.
For all technical information related to the (1)
TLC PEA Report effective as of January 31st, 2023, the (2) Falchani
MRE filed on December 15th, 2023, and the (3) Falchani PEA Report
effective as of January 10th, 2024, please refer to the Company’s
SEDAR+ page at www.sedarplus.ca or the Company’s website at
www.americanlithiumcorp.com.
Readers are cautioned that PEAs are preliminary
in nature and include inferred resources that are considered too
speculative to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves and
there is no certainty the estimates presented in the PEAs will be
realized.
Ted O'Connor, PGeo, Executive Vice-President of
American Lithium and a qualified person as defined by NI 43-101,
has reviewed and approved the scientific and technical information
contained in this news release.
Selected Financial Data
The following selected financial data is
summarized from the Company’s consolidated financial statements and
related notes thereto (the “Financial Statements”)
for the fiscal year and fourth quarter ended February 29, 2024.
Copies of the Financial Statements and MD&A are available at
www.americanlithiumcorp.com or on SEDAR+ at www.sedarplus.ca.
|
Year EndFebruary 29, 2024 |
Year End February 28, 2023 |
Loss and comprehensive loss |
($39,883,230) |
($34,985,004) |
Loss per share - basic and diluted |
($0.19) |
($0.17) |
Cash, cash equivalents and guaranteed investment certificates |
$11,889,416 |
$40,622,180 |
Total assets |
$173,594,831 |
$194,280,141 |
Total current liabilities |
$3,115,623 |
$1,738,766 |
Total liabilities |
$4,246,386 |
$1,890,074 |
Total shareholders’ equity |
$169,348,445 |
$192,390,067 |
|
Fourth QuarterFebruary 29, 2024 |
Fourth QuarterFebruary 28, 2023 |
Loss and comprehensive loss |
($7,011,816) |
($9,845,287) |
Loss per share - basic and diluted |
($0.03) |
($0.05) |
Cash, cash equivalents and guaranteed investment certificates |
$11,889,416 |
$40,622,180 |
Total assets |
$173,594,831 |
$194,280,141 |
Total current liabilities |
$3,115,623 |
$1,738,766 |
Total liabilities |
$4,246,386 |
$1,890,074 |
Total shareholders’ equity |
$169,348,445 |
$192,390,067 |
About American
Lithium
American Lithium is actively engaged in the
development of large-scale lithium projects within mining-friendly
jurisdictions throughout the Americas. The Company is currently
focused on enabling the shift to the new energy paradigm through
the continued development of its strategically located TLC lithium
project (“TLC”) in the richly mineralized Esmeralda lithium
district in Nevada, as well as continuing to advance its Falchani
lithium (“Falchani”) and Macusani uranium (“Macusani”)
development-stage projects in southeastern Peru. All three
projects, TLC, Falchani and Macusani have been through robust
preliminary economic assessments, exhibit strong significant
expansion potential and enjoy strong community support.
Pre-feasibility is advancing well TLC and Falchani.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com.
Follow us
on Facebook, Twitter and LinkedIn.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward
Looking InformationThis news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the business plans,
expectations and objectives of American Lithium. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend",
“indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”,
“efforts”, “option” and similar words, or the negative connotations
thereof, referring to future events and results. Forward-looking
statements are based on the current opinions and expectations of
management and are not, and cannot be, a guarantee of future
results or events. Although American Lithium believes that the
current opinions and expectations reflected in such forward-looking
statements are reasonable based on information available at the
time, undue reliance should not be placed on forward-looking
statements since American Lithium can provide no assurance that
such opinions and expectations will prove to be correct. All
forward-looking statements are inherently uncertain and subject to
a variety of assumptions, risks and uncertainties, including risks,
uncertainties and assumptions related to: American Lithium’s
ability to achieve its stated goals;, which could have a material
adverse impact on many aspects of American Lithium’s businesses
including but not limited to: the ability to access mineral
properties for indeterminate amounts of time, the health of the
employees or consultants resulting in delays or diminished
capacity, social or political instability in Peru which in turn
could impact American Lithium’s ability to maintain the continuity
of its business operating requirements, may result in the reduced
availability or failures of various local administration and
critical infrastructure, reduced demand for the American Lithium’s
potential products, availability of materials, global travel
restrictions, and the availability of insurance and the associated
costs; the ongoing ability to work cooperatively with stakeholders,
including but not limited to local communities and all levels of
government; the potential for delays in exploration or development
activities; the interpretation of drill results, the geology, grade
and continuity of mineral deposits; the possibility that any future
exploration, development or mining results will not be consistent
with our expectations; risks that permits will not be obtained as
planned or delays in obtaining permits; mining and development
risks, including risks related to accidents, equipment breakdowns,
labour disputes (including work stoppages, strikes and loss of
personnel) or other unanticipated difficulties with or
interruptions in exploration and development; risks related to
commodity price and foreign exchange rate fluctuations; risks
related to foreign operations; the cyclical nature of the industry
in which American Lithium operates; risks related to failure to
obtain adequate financing on a timely basis and on acceptable terms
or delays in obtaining governmental approvals; risks related to
environmental regulation and liability; political and regulatory
risks associated with mining and exploration; risks related to the
uncertain global economic environment and the effects upon the
global market generally, any of which could continue to negatively
affect global financial markets, including the trading price of
American Lithium’s shares and could negatively affect American
Lithium’s ability to raise capital and may also result in
additional and unknown risks or liabilities to American Lithium.
Other risks and uncertainties related to prospects, properties and
business strategy of American Lithium are identified in the “Risk
Factors” section of American Lithium’s Management’s Discussion and
Analysis filed on May 29, 2024, and in recent securities filings
available at www.sedarplus.ca. Actual events or results may differ
materially from those projected in the forward-looking statements.
American Lithium undertakes no obligation to update forward-looking
statements except as required by applicable securities laws.
Investors should not place undue reliance on forward-looking
statements.
American Lithium (NASDAQ:AMLI)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
American Lithium (NASDAQ:AMLI)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024