American Lithium Corp. (“American Lithium” or the “Company“) (TSXV:LI, NASDAQ:AMLI, Frankfurt:5LA1))))) announces that it has decided to advance the next phase of work at Macusani within American Lithium, and as a result the Company is deferring the spin out of its Macusani Uranium Project (“Macusani“) previously announced on June 7, 2023. Consequently, it has chosen to terminate the definitive arrangement agreement with Friday’s Dog Holdings Inc. (TSXV:FRDY), a public company currently listed on the TSX Venture Exchange.
The strength of resource markets has diminished since making the decision to spin out Macusani, and the Company believes it will generate greater value for shareholders by postponing the spin out and continuing to advance the project within American Lithium.
Simon Clarke, Chief Executive Officer of the Company, stated, “We will continue to advance this asset aggressively within American Lithium and we will shortly be launching pilot operations to provide final validation for its well established flow-sheet as well as produce yellowcake so that interested strategic parties can evaluate the product which could ultimately be produced at Macusani. We also anticipate final drill permits shortly for a major expansion and infill program utilizing our own drills to continue to expand and reclassify the already large historical resource.”
