VANCOUVER, British Columbia, July 16, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. ("American Lithium" or the "Company") (TSXV:LI, NASDAQ:AMLI, Frankfurt:5LA1)) is pleased to provide financial and operating highlights for the first quarter ended May 31, 2024. Unless otherwise stated, all amounts presented are in Canadian dollars. Simon Clarke, CEO of American Lithium, comments, "The market backdrop remains challenging across the lithium sector; however, we have continued to make solid progress while prudently managing our working capital. Although prices in the uranium sector did consolidate somewhat during the quarter, commodity pricing remains at strong levels and uranium fundamentals continue to strengthen, suggesting sustained long-term strength in the sector. As the cycle evolves, our large-scale Macusani Uranium Project is well positioned to benefit." Highlights for the Quarter: Strengthens Team in Peru - appointment of former Deputy Minister of Mines, Mr. Augusto Cauti as a Strategic Corporate Advisor in relation to its Peruvian Operations. Social Initiative – launched the "Solar Electrification" program together with the Peruvian Armed Forces involving the installation of solar panels in remote home which lack electricity. Strong Progress on Falchani Flow Sheet Optimization –At $5,092/t of lithium carbonate ("LC"), current projected operating costs for Falchani (February 2024 PEA) are already amongst the lowest globally. The implementation of a number of additional tried and tested hydrometallurgical processing steps to optimize and simplify the core flow sheet should materially reduce costs further: Reduction of sulfuric acid consumption by approximately 50% and considerable reduction in reagent costs; Continued improvement in specification of key by-products, sulfate of potash and cesium; Ongoing work at ANSTO to further simplify flow sheet; and Numerous additional full cycle tests at TECMMINE have produced high purity LC (99.5-99.87% LC purity). Current Intent to Commence Falchani Pilot Work during H2, 2024 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 first quarter ended May 31, 2024. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com or on SEDAR+ at www.sedarplus.ca.   Three MonthsMay 31, 2024 Three Months May 31, 2023 Loss and comprehensive loss $7,006,169 $11,122,415 Loss per share - basic and diluted ($0.03)