American Lithium Corp. (TSXV:LI | Nasdaq: AMLI | Frankfurt:5LA1) has released its operating and financial highlights for the third quarter ended 30 November 2023.
Simon Clarke, CEO of American Lithium comments, “This was an extremely busy period with significant achievements across our projects in Peru and Nevada. This momentum has continued past quarter end with the completion of the updated PEA for Falchani, highlighting very robust economics for the project, including a tripling of NPV from the last PEA.”
One of the most significant highlights was the company’s resource update at its Falchani project – the newly updated mineral resource estimate resulted in a 476% increase in measured and indicated resources to 53Mt of lithium carbonate 447Mt @2,327ppm to the block model.
Another important development for the company was the ruling in Peru – Peru’s Superior Court unanimously upheld the previously announced ruling in favour of the Company’s subsidiary, Macusani Yellowcake, in relation to title over 32 disputed concessions out of 172 owned by Macusani. The court ruling clearly establishes that Macusani is the rightful owner of these concessions and highlights that the action launched by the Geological, Mining, and Metallurgical Institute and Ministry of Energy and Mines in October 2018 was baseless and unsubstantiated.
Furthermore, American Lithium submitted a Semi-Detailed Environmental Impact Study (EIA-sd for its Falchani project to the MINEM ahead of schedule. With the filing acknowledged by MINEM, regulatory approval for the EIA-sd is anticipated in the coming months. The success continued with a new lithium Discovery at Quelcaya in Peru, just 6km west of Falchani with assays up to 2,668ppm lithium and over 222m of continuous mineralization.
Finally, the company continued the refinement of the TLC PEA flow sheet with higher Li purity (99.54%) indicating enhanced economic potential of this project.
In a significant financial highlight, American Lithium produced an updated PEA for Falchani – highlights robust economics, after-tax NPV triples to US$5.11B, IRR of 32% and low opex of US$5,093 /t LCE.
The company an independent National Instrument 43-101 Technical Report on the updated MRE for the Falchani filed showcasing the 476% increase in M&I Resources.
Step out drilling has expanded the measured resource footprint at the TLC Lithium Project. A total of 26 diamond core holes and 16 reverse circulation holes drilled in 2022 and 2023 will be added to the updated mineral resource block model and incorporated into an updated MRE on TLC.
To wrap the announcement up, following the unanimous ruling from the Peruvian Superior Court confirming the company’s title to 32 disputed concessions, INGEMMET and MINEM petitioned the Supreme Court in a final attempt to reverse the ruling.
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