American Lithium Announces Financial and Operating Highlights for Second Quarter Ended August 31, 2024
VANCOUVER, British Columbia, Oct. 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 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
