American Lithium Announces Financial and Operating Highlights for Second Quarter Ended August 31, 2024
16 Outubro 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 second quarter ended
August 31, 2024. Unless otherwise stated, all amounts presented are
in Canadian dollars.
Highlights for the Quarter:
- Falchani Flow Sheet Optimization
- Implementation of numerous additional tried and tested
hydrometallurgical processing steps to optimize the core flow sheet
and materially reduce costs;
- Reduction of sulfuric acid consumption by approximately 50%;
and
- Improvement in the specification of key by-products,
sulfate of potash and cesium.
- Application to Nasdaq for Extension to Minimum Price
Requirement
- Additional 180 calendar day extension to regain compliance with
the Minimum US$1 Bid Price Rule.
Board Appointment:
The Company is also pleased to announce the
appointment of Rona Sellers to its Board of Directors, including
joining the corporate governance, nominating and compensation
committee. Ms. Sellers is an experienced board and governance
professional with more than 12 years of experience in corporate and
securities law. Most recently, she held the role of Vice President
(“VP”) Compliance and Corporate Secretary at Maple Gold Mines Ltd.
and previous to that she was Corporate Secretary at two publicly
traded companies listed in Canada and the United States.
Ms. Sellers currently is VP Commercial and
Compliance and Corporate Secretary for Apollo Silver Corp. and VP
Compliance and Corporate Secretary for United Lithium Corp. She
holds a Bachelor of Arts degree from Simon Fraser University and an
LLB (Honours) from City, University of London School of Law.
Alex Tsakumis, Interim CEO of American Lithium,
comments, “We continue to make progress on the ground both in
Nevada and Peru diligently advancing all our projects while
recognizing the challenging market backdrop across the lithium
sector. However, recent global events in our space specifically in
M&A has sparked some renewed optimism as we are poised to
benefit as market conditions improve. We are also excited to
welcome Rona to the team. Her independence, along with her legal
and governance experience, will be a valuable addition to our
board, and we are looking forward to working with her.”
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 second quarter ended August 31, 2024. Copies of the
Financial Statements and MD&A are available at
www.americanlithiumcorp.com or on SEDAR+ at www.sedarplus.ca.
|
Three Months August 31,
2024 |
Three Months August 31,
2023 |
Loss and comprehensive loss |
($6,051,064) |
($10,579,027) |
Loss per share - basic and diluted |
($0.03) |
($0.05) |
|
As At August 31, 2024 |
As At February 29, 2024 |
Cash and cash equivalents |
$5,726,605 |
$11,889,416 |
Total assets |
$163,115,078 |
$173,594,831 |
Total current liabilities |
$2,267,489 |
$3,115,623 |
Total liabilities |
$2,955,785 |
$4,246,386 |
Total shareholders’ equity |
$160,159,293 |
$169,348,445 |
|
|
|
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.
About American
Lithium
American Lithium is developing two of the
world’s largest, advanced-stage lithium projects, along with the
largest undeveloped uranium project in Latin America. They include
the TLC claystone lithium project in Nevada, the Falchani hard rock
lithium project and the Macusani uranium deposit, both in southern
Peru. All three projects, have been through robust
preliminary economic assessments, exhibit significant expansion
potential and enjoy strong community support.
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.
“Alex Tsakumis”
Interim CEO
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 October 15, 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.
Cautionary Note Regarding 32
Concessions
Thirty-two of the one-hundred-seventy-four
concessions comprising the Falchani and Macusani Projects are
currently subject to Administrative and Judicial processes in Peru
to overturn resolutions issued by INGEMMET and the Mining Council
of MINEM in February 2019 and July 2019, respectively, which
declared title to thirty-two concessions invalid due to late
receipt of the annual validity payments. On November 2, 2021,
American Lithium was awarded a favorable ruling in regard to title
to the concessions, but on November 26, 2021, appeals of the
judicial ruling were lodged by INGEMMET and MINEM. A three-judge
tribunal of Peru’s Superior Court unanimously upheld the ruling in
a decision reported in November 2023. American Lithium was
subsequently notified that INGEMMET and MINEM have filed petitions
to the Supreme Court of Peru to assume jurisdiction in the
proceedings. Given the precedent of the original ruling it is hoped
that the Supreme Court will not assume jurisdiction; however, there
is no assurance of the outcome at this time.
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