American Lithium Corp 6-K, filed Jun 12, 2024

American Lithium Corp. (AMLIF)

6-K 2024-06-12 For: 2024-01-10

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Added on April 06, 2026

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American Lithium Corp filed this 6-K on June 12, 2024.

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	American Lithium Corp. (Registrant)

Date: June 12, 2024	/s/ Simon Clarke
	Simon Clarke Chief Executive Officer & Director

Exhibit Number	Description

99.1	Falchani Project NI 43-101 Technical Report Preliminary Economic Assessment Update, dated February 22, 2024 with an effective date of January 10, 2024

Dated December 14, 2023	"Original Signed and Sealed by Author"
	_________________________________
	Mariea K. Kartick P.Geo.
	Resource Geologist

1 SUMMARY	1

1.1 Introduction	1

1.2 Geology & Mineralization	2

1.3 Mineral Resource Estimation	2

1.4 Mining Methods	4

1.4.1 Mine Planning	5

1.4.2 Mine Sequencing/Scheduling	6

1.5 Mineral Processing & Metallurgical Testing	7

1.6 Market Studies and Contracts	9

1.7 Environmental Studies, Permitting & Social Considerations	10

1.7.1 Environmental Assessment	10

1.7.2 Permitting	10

1.7.3 Social or Community-Related Requirements	11

1.8 Project Infrastructure	11

1.8.1 Access Roads	12

1.8.2 Power Supply	12

1.8.3 Water Supply	12

1.8.4 Tailings Transportation and Storage	12

1.9 Capital Cost Estimate	13

1.10 Operating Cost Estimate	14

1.11 Economic Outcomes	15

1.11.1 Introduction	15

1.11.2 Economic Outcomes	15

1.11.3 Sensitivity	16

1.12 Adjacent Properties	17

1.13 Interpretations and Conclusions	18

1.14 Recommendations	19

2 INTRODUCTION	21

2.1 Background	21

2.2 Project Scope and Terms of Reference	22

2.3 Study Participants	22

2.4 Primary Information Sources	22

2.5 Qualified Persons	23

2.6 Qualified Person Site Visit	25

2.7 Financial Interest Disclaimer	25

2.8 Frequently Used Abbreviations, Acronyms and Units of Measure	25

3 RELIANCE ON OTHER EXPERTS	30

4 PROPERTY DESCRIPTION AND LOCATION	31

4.1 Description and Location	31

4.2 Mineral Tenure	32

4.2.1 Regulatory Mechanism	32

4.2.2 Property and Title	32

4.2.3 Environmental Regulations	33

4.2.4 Granting of Mining Concessions	33

4.2.5 Work Program for Mining Concessions	33

4.2.6 Mining Concession Description	34

4.2.7 Conclusions and Limitations	35

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY	39

		"Original Signed and Sealed by Author"

		Derek J. Loveday, P.Geo.
		Project Manager

5.1 Accessibility to Site	39

5.2 Access to Land	39

5.3 Climate	40

5.4 Local Resources	40

5.5 Infrastructure	40

5.6 Physiography	41

6 HISTORY	42

6.1 Introduction	42

6.2 Ownership History	42

6.2.1 Uranium Price Fluctuations	42

6.2.2 Macusani Yellowcake	42

6.2.3 The Cameco-Vena Joint Venture	43

6.2.4 Azincourt buys Minergia	43

6.2.5 Macusani purchases Minergia	43

6.2.6 Macusani changes name to Plateau Uranium Inc.	43

6.2.7 Plateau Uranium Inc. changes name to Plateau Energy Metals Inc.	43

6.2.8 American Lithium Corp. Acquires Plateau Energy Metals	43

6.3 Previous Regional Exploration	44

6.3.1 Instituto Peruano de Energia Nuclear	44

6.3.2 UNDP/IAEA	44

6.4 Property Exploration	45

6.5 Historic estimates	45

6.6 Mining Studies	46

6.7 Mineral Processing and Metallurgical Testing	47

7 GEOLOGICAL SETTING AND MINERALIZATION	48

7.1 Introduction	48

7.2 Regional Geology	48

7.3 Local Geology	50

7.3.1 Mineral Occurrences	50

7.3.2 Structural Geology	52

7.4 Property Geology	54

7.5 Mineralization	59

8 DEPOSIT TYPES	60

9 EXPLORATION	61

10 DRILLING Program	63

10.1 Drilling methodology	63

10.2 Sample Recovery and Core	67

11 SAMPLE PREPARATION, ANALYSES AND SECURITY	68

11.1 Introduction	68

11.2 Sample Recovery	68

11.3 Sample Quality	68

11.3.1 Sample Preparation	68

11.3.2 Sample Delivery Procedures	69

11.3.3 Sample Preparation and Analysis	69

12 DATA VERIFICATION	76

12.1 Introduction	76

12.2 Property Investigation, Sample and Documentation Review	76

12.2.1 Data Validation Limitation	78

12.3 Opinion of the Independent Qualified Person	78

13 METALLURGY AND METALLURGICAL TESTING	81

13.1 Introduction	81

13.2 Sampling background	81

13.3 PEA Update Testwork	82

13.3.1 Introduction	82

13.3.2 Phase II Testwork	83

13.3.3 Phase III Testwork	83

13.3.4 Effect of Varying Acidity	84

13.3.5 By-product Recovery	85

13.3.6 Other Testwork Data	85

14 MINERAL RESOURCE ESTIMATES	86

14.1 Approach	86

14.2 Basis for Resource Estimation	86

14.3 Socioeconomic and Government Factors	87

14.4 Data Sources	87

14.5 Model	88

14.5.1 Model Inputs	94

14.5.2 Surface Topography	94

14.5.3 Structural features	94

14.5.4 Model Zones	95

14.5.5 Metal Grade Statistics within the Mineralized Zone	97

14.5.6 Density	100

14.5.7 Model Build	101

14.6 Assessment of Reasonable Prospects for Economic Extraction	104

14.7 Lithium Resource Estimates	104

14.8 Potential Risks	109

15 MINERAL RESERVE ESTIMATES	110

16 MINING METHODS	111

16.1 Introduction	111

16.2 Conclusions and Limitations	112

16.3 Units of Measure	112

16.4 Sources of Information	113

16.5 Geotechnical	114

16.6 Current Surveys	115

16.7 Stantec Resource Estimate	116

16.8 Open Pit Optimization	120

16.8.1 Block Models	120

16.8.2 Pit Optimization Parameters	121

16.8.3 Pit Optimization Results	123

16.9 Mine Planning	125

16.9.1 Dilution and Loss	126

16.9.2 Mine Sequencing/Scheduling	126

16.10 Open Pit Mine Operations	133

16.11 Waste Dumps	134

16.12 Mining Shift Cycles and Equipment	134

16.12.1 Blast Hole Drilling	136

16.12.2 Blasting	137

16.12.3 Explosive Design	137

16.12.4 Loading and Hauling	137

16.12.5 Production Equipment	137

16.12.6 Pit Access	139

16.12.7 Mining Personnel Estimate	139

16.13 Contractor Mining Benchmarked Opex	142

17 RECOVERY METHODS	144

17.1 Introduction	144

17.2 Design Criteria	145

17.3 Power and Water Consumption	146

17.3.1 Base Case (Phase 1)	146

17.3.2 Alternate Case	147

17.4 Process Block Flow Sheet & Process Plant Layout	147

17.5 Process Description	151

17.5.1 Area 100 - Crushing	151

17.5.2 Area 200 - Milling	151

17.5.3 Area 400 - Leaching	151

17.5.4 Area 500 - Pre-neutralisation	152

17.5.5 Area 600 - Impurity Removal	152

17.5.6 Area 700 - Softening	153

17.5.7 Area 800 - SulfateSulfate of Potash Separation	153

17.5.8 Area 900 - Fluoride Ion Exchange and Product Precipitation	156

17.5.9 Area 1000 - Product Drying and Packaging	156

17.5.10 Area 1100 - Tailings	157

17.5.11 Reagents	157

18 PROJECT INFRASTRUCTURE	159

18.1 Introduction	159

18.2 Access Roads	159

18.3 Raw Water Supply	161

18.4 Power Supply	162

18.4.1 Acid Plant Power Generation	162

18.4.2 Emergency Power	162

18.4.3 Diesel Generators	162

18.5 Site Services	162

18.5.1 Fuel Supply, Storage and Distribution	162

18.5.2 Compressed Air	163

18.5.3 Potable Water	163

18.6 Buildings	163

18.6.1 Workshops and Warehouses	163

18.6.2 Office Facilities	163

18.6.3 Employee Housing	163

18.7 Tailings Transport and Storage	163

19 MARKET STUDIES AND CONTRACTS	166

19.1 Market Studies	166

19.2 Lithium Demand Outlook	166

19.3 Lithium Supply Outlook	169

19.4 Lithium Supply Demand Balance Forecast	171

19.5 Lithium Chemical and Battery Cathode Demand and Capacity Outlook	172

19.6 Long-term Supply Cost Curves for Lithium to 2035	174

19.7 Lithium Price Forecast	177

19.8 By-Product Pricing	177

19.9 Conclusions	178

20 ENVIRONMENTAL STUDIES, PERMITTING & SOCIAL OR COMMUNITY	180

20.1 Introduction	180

20.2 Project Permitting Requirements	180

20.3 Environmental Baseline	182

20.4 Social, Community and Environmental Impacts	183

20.4.1 Stakeholder Engagement	183

20.4.2 Social and Environmental Impacts	183

20.4.2.1 Positive Impacts of American Lithium in The Macusani Region	183

20.4.2.2 Health of Workers	184

20.5 Rehabilitation and Closure	184

20.5.1 Post-Closure Monitoring and Maintenance	184

20.6 Green Project Initiatives	185

21 CAPEX and OPEX	186

21.1 Capital Cost	186

21.1.1 Estimate Classification	186

21.1.2 Assumptions	186

21.1.3 Exclusions	186

21.1.4 Contingency	187

21.1.5 Mining Costs	188

21.1.6 Process Costs	188

21.1.7 Bulk Infrastructure (Access Roads) Costs	190

21.1.8 Tailings Costs	190

21.1.9 Sustaining Capital	191

21.1.10 Closure Capital	191

21.1.11 Capital Cost Summary	191

21.2 Operating Costs	192

21.2.1 Estimate Classification	192

21.2.2 Mining Operating Costs	192

21.2.3 Contractor Mining Benchmarked Operating Costs.	193

21.2.4 Process Plant Operating Costs	195

21.2.5 Tailings Handling and Storage	198

21.2.6 General and Administration	198

21.2.7 Operating Costs Summary	199

22 ECONOMIC ANALYSIS	201

22.1 Introduction	201

22.2 Methodology	201

22.3 Key Economic Outcomes	202

22.4 Source of Information	202

22.5 Process Production Profile	204

22.6 Capital Expenditure and Phasing	205

22.7 Stay in Business Capital	206

22.8 Operating Costs	206

22.9 Product Recoveries	207

22.10 Product Pricing	207

22.11 Salvage Value	207

22.12 Working Capital	207

22.13 Sunk and On-going Capital	207

22.14 Reclamation and Closure	207

22.15 Taxation	208

22.15.1 Depreciation	208

22.15.2 Worker's Participation Tax	208

22.15.3 Pension Fund Contribution	208

22.15.4 Royalty Tax	208

22.15.5 Special Mining Tax	208

22.15.6 Income Tax	208

22.16 Economic Outcomes	209

22.17 Sensitivity	210

23 ADJACENT PROPERTIES	212

24 OTHER RELEVANT DATA AND INFORMATION	213

24.1 Project Development and Permitting Timeline	213

25 INTERPRETATION AND CONCLUSIONS	213

25.1 Mineral Resource Estimate	213

25.2 Preliminary Economic Assessment	215

25.2.1 LC Production	215

25.2.2 Capital and Operating Costs	216

25.2.3 Financial Evaluation	216

25.3 Environment	217

26 RECOMMENDATIONS	218

26.1 Recommended Phased Studies	218

26.2 Additional Recommendations	220

26.2.1 Risks	220

26.2.2 Opportunities	220

26.2.3 Recommendations	221

26.3 Environmental	221

26.4 Metallurgical and Processing	221

26.4.1 Testwork	221

26.4.2 Equipment vendor Engagement	221

26.4.3 Geometallurgical Model	222

26.5 Infrastructure	222

27 REFERENCES	223

Table 1-1 Milling Rate and Expansion Phases - Base and Alternate Case	1

Table 1-2 Mineral resource Estimate effective October 31 2023	3

Table 1-3 Base Case Mineral Resource Summary	5

Table 1-4 Mining Production Ramp Phases	6

Table 1-5 TLC Design Criteria	8

Table 1-6 Capital Cost	13

Table 1-7 Life of Mine Operating Cost Breakdown	14

Table 1-8 Discounted Cashflow Summary	16

Table 1-9 Phase 1 Surface Mapping Program Costs	19

Table 1-10 Phase 2 Infill Drilling Costs	19

Table 2-1 Report Sections and Qualified Persons	24

Table 2-2 Abbreviations, Acronyms and Units of Measure	25

Table 4-1 Falchani Mineral Resource Mining Concessions	35

Table 6-1 2018 Historic Estimates (Nupen, 2018)	46

Table 6-2 2019 Historic Estimates (Nupen, 2019)	46

Table 10-1 Drill Hole Locations, Inclination and Depth	63

Table 11-1 Summary of QAQC Samples for all Drillholes	70

Table 11-2 Summary of QAQC Samples for all Drillholes	74

Table 13-1 Head Analysis of Lithium-rich Tuff Trench Sample	81

Table 13-2 Data from Phase II Leaching Test	83

Table 13-3 Data from Phase III Testwork	84

Table 13-4 By-Product Recovery	85

Table 14-1 Block Model Parameters	89

Table 14-2 Vertical Zone Thickness (m) from Geological Implicit Model	96

Table 14-3 Composite and Capping Li, Cs, K and Rb Grades from Drill Holes	97

Table 14-4 Model Grade Estimation Parameters	101

Table 14-5 Mineral Resource Estimate effective October 31 2023	106

Table 16-1 Conversion Factors for Lithium Compounds and Minerals	113

Table 16-2 Conversion factors for Potassium and Cesium Compounds and Minerals	113

Table 16-3 Summary Geotechnical Testwork	115

Table 16-4 Mineral Resource Estimate Effective October 31,2023	117

Table 16-5 Mineral resource as of October 2023 (Source: Stantec)	119

Table 16-6 Block Model Origin and Dimensions	120

Table 16-7 Summary of Key Fields in Block Model	120

Table 16-8 Pit Optimisation Parameters Base Case	122

Table 16-9 Summary of Pit Shell 3 In-situ Optimised Shell Content (Li < 2 600ppm)	124

Table 16-10 Base Case Mineral Resource Summary	125

Table 16-11 Production Ramp Phases	126

Table 16-12 PEA LoM Production Schedule Summary	127

Table 16-13 Typical Shift Roster	134

Table 16-14 Contractor Operated Mining Hour Summary	136

Table 16-15 Preliminary Production Equipment	138

Table 16-16 Mining Owners Team Compliment	140

Table 16-17 Contractor Mining Team Compliment	140

Table 16-18 Total Open Pit Summary Personnel Table	142

Table 16-19 Open Pit Summary Personnel Table	142

Table 17-1 Process Rate and Expansion Phases - Base Case	144

Table 17-2 Design Criteria	145

Table 18-1 Access Roads Analysis - Outcomes	160

Table 21-1 Mining Capital Costs	188

Table 21-2 Process Direct Capital Costs - Base Case	189

Table 21-3 Process Direct Capital Costs - Alternate Case	190

Table 21-4 Tailings Capital Cost	191

Table 21-5 LoM Capital Costs - Base Case	191

Table 21-6 LoM Capital Costs - Alternate Case	192

Table 21-7 ALC G&A Allowance	193

Table 21-8 Contractor Mining Operating Costs (Benchmarked)	193

Table 21-9 South American High Altitude Mining Operations	194

Table 21-10 Process Reagent and Consumable Costs	195

Table 21-11 Process Power Demand	196

Table 21-12 Phase 1 Labor Costs	197

Table 21-13 Process Consumable Costs	197

Table 21-14 Process Plant OPEX - Laboratory	198

Table 21-15 G&A Costs	198

Table 21-16 Operating Cost Summary - Base Case	199

Table 21-17 Operating Cost Summary - Alternate Case	199

Table 22-1 Key Economic Outcomes (Post-tax)	202

Table 22-2 Source of Information	203

Table 22-3 Milling Rate and Expansion Phases	204

Table 22-4 Capital Expenditure - Base and Alternate Case - Constant Terms (2023)*	205

Table 22-5 Capital Costs Phase - Constant Terms (2023)	205

Table 22-6 SIB Capital Cost (LoM) - Constant Terms (2023)	206

Table 22-7 Operating Costs - Constant Terms (2023)	206

Table 22-8 Product Recoveries and Grades	207

Table 22-9 Economic Outcomes	209

Table 26-1 Phase 1 Surface Mapping Program Costs	218

Table 26-2 Phase 2 Infill Drilling Costs	219

Table 26-3 Estimated Schedule and Costs of Recommended Activities	219

Figure 1-1 Mining Production Schedule and Mined Lithium Grades	7

Figure 1-2 Mining Production Schedule and Strip Ratios	7

Figure 1-3 Sensitivity Analysis Summary - Base Case	17

Figure 4-1 General Location Map	37

Figure 4-2 Mineral Tenure Map	38

Figure 7-1 Regional Geology Map	49

Figure 7-2 Local Geology Map	51

Figure 7-3 Macusani Structural Zone	53

Figure 7-4 Fault Evidence and the Macusani Volcanic Field	54

Figure 7-5 Upper Breccia and LRT Contact in Core	56

Figure 7-6 Geologic Cross Section A-A'	58

Figure 7-7 Geologic Cross Section B-B'	59

Figure 9-1 Drilling Configuration	62

Figure 10-1 Drill Hole Location Map	66

Figure 11-1 PZ Series Drillholes Duplicate Li Scatter Plot	71

Figure 11-2 PZ Series Lithium Field Blanks (A) and Laboratory Blanks (B	73

Figure 11-3 PZ Series Lithium Standard STD 41R01-MA	75

Figure 12-1 Core Storage Facility and Hole PCHAC 14 - TW Core Box	77

Figure 12-2 Site Visit Photographs	79

Figure 14-1 Surface Topography and Model Limit Map	90

Figure 14-2 Model Fault Blocks	92

Figure 14-3 Model Stratigraphy and Lithium Grade from Representative Drilling	93

Figure 14-4 3D Geological Model	96

Figure 14-5 Mineralized Zones Grade Distributions	98

Figure 14-6 Global Lithium Semi-Variograms	99

Figure 14-7 Global Lithium Semi- Variogram	100

Figure 14-8 Resource Block Model Cross Section A-A'	102

Figure 14-9 Resource Block Model Cross Section B-B'	103

Figure 14-10 Economic Pit Shell	107

Figure 14-11 Generalized Resource Classification Map	108

Figure 16-1 Plant Feed Photo Core Photo PCHAC-14 (Source: Stantec)	114

Figure 16-2 Road to Falchani Project (Source: Stantec)	115

Figure 16-3 Surface Topography and Model Limits Map (Source: Stantec)	116

Figure 16-4 Generalized Resource Classification Map (Source: Stantec)	119

Figure 16-5 Whittle Optimisation Results with Pit Shell 3 Selection	124

Figure 16-6 Mining Production Schedule and Mined Lithium Grades	128

Figure 16-7 Mining Production Schedule and Mined Potassium Grades	129

Figure 16-8 Mining Production Schedule and Mined Cesium Grades	130

Figure 16-9 Mining Production Schedule and Strip Ratios	131

Figure 16-10 Plant Feed Schedule and Feed Grades	131

Figure 16-11 Push Back Planning and Progression in the Mine Scheduling	132

Figure 16-12 Typical Mining Production Fleet	133

Figure 16-13 Production Fleet per Year per Production Phase	139

Figure 16-14 Contractor Mining LoM Costs	143

Figure 17-1 Process Block Flow Diagram - Base Case	148

Figure 17-2 Process Block Flow Diagram - Alternate Case	149

Figure 17-3 Falchani Lithium Overall General Arrangement Plan - Process Plant Phase 1	150

Figure 18-1 Proposed Route of Access Road from Interoceanica Highway to Site (Option 1)	161

Figure 18-2 Tailings Storage Facility Options (Source: Vice Versa Consulting)	164

Figure 18-3 TSF Capital Cost Options	165

Figure 19-1 Lithium Demand By Sector [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	167

Figure 19-2 Lithium Battery Demand Breakdown by Cathode Chemistry and End Source, 2033 [Source Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	168

Figure 19-3 Lithium Battery Demand Breakdown by Region [Source Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023 ]	168

Figure 19-4 Lithium Supply Forecast to 2040 [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	170

Figure 19-5 Recycled Lithium Supply Forecast, tonnes LC [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023 ]	171

Figure 19-6 Long-Term Supply Forecast [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023 ]	172

Figure 19-7 Lithium Supply & Demand by Chemical Product [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	173

Figure 19-8 Forecast Lithium Chemical Deficit, 2015-2040 [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	174

Figure 19-9 C3 Supply Cost for Lithium Carbonate - 2022 [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	176

Figure 19-10 Lithium Carbonate Price Forecast [Source: Benchmark Mineral Intelligence, Lithium Forecast, Q4 2023]	177

Figure 21-1 Contractor Mining LoM Costs	194

Figure 22-1 Mine and Plant Feed Profile	204

Figure 22-2 Sensitivity Analysis - Base Case	211

Figure 24-1 Estimated Schedule	213

Description	Years	Milling Rate
Phase 1	1 - 5	1.5M t/y
Phase 2	6 - 10	3.0M t/y
Phase 3	11 - 43	6.0M t/y

Cutoff	Volume	Tonnes	Li	Metric Tonnes (Mt)			Cs	K	Rb
Li (ppm)	(Mm3)	(Mt)	(ppm)	Li	Li2CO3	LiOH.H20	(ppm)	(%)	(ppm)
Measured
600	29	69	2,792	0.19	1.01	1.15	631	2.74	1,171
800	28	68	2,832	0.19	1.01	1.15	641	2.72	1,194
1,000	27	65	2,915	0.19	1.01	1.15	647	2.71	1,208
1,200	25	61	3,024	0.18	0.96	1.09	616	2.74	1,228
1,400	24	57	3,142	0.18	0.96	1.09	547	2.78	1,250
Indicated
600	156	378	2,251	0.85	4.52	5.14	1,039	2.92	1,055
800	148	357	2,342	0.84	4.47	5.08	1,058	2.90	1,070
1,000	136	327	2,472	0.81	4.31	4.90	1,095	2.87	1,104
1,200	129	310	2,549	0.79	4.20	4.78	1,086	2.86	1,146
1,400	120	288	2,646	0.76	4.04	4.60	1,041	2.88	1,166
Measured plus Indicated
600	185	447	2,327	1.04	5.53	6.29	976	2.90	1,072
800	176	425	2,424	1.03	5.48	6.23	991	2.87	1,090
1,000	163	392	2,551	1.00	5.32	6.05	1,021	2.84	1,121
1,200	154	371	2,615	0.97	5.16	5.87	1,009	2.84	1,160
1,400	144	345	2,725	0.94	5.00	5.69	960	2.86	1,180
Inferred
600	198	506	1,481	0.75	3.99	4.54	778	3.31	736
800	174	443	1,597	0.71	3.78	4.30	837	3.24	762
1,000	138	348	1,785	0.62	3.30	3.75	886	3.18	796
1,200	110	276	1,961	0.54	2.87	3.27	942	3.10	850
1,400	82	201	2,211	0.44	2.34	2.66	1,022	3.01	926

Falchani - Production Scheduled Mineral Resources
Parameter	Unit	Value
Mine Production Life	Year	34
High Grade Stockpile Range	ppm	> 2600
HG Process Feed Material	Mt	152.4
HG Diluted Li grade (mill head grade)	ppm	3321
HG Contained LCE (Mt)	Mt	2.695
HG Diluted K grade (mill head grade)	%	2.960
HG Diluted Cs grade (mill head grade)	%	0.056
Low Grade Stockpile Range	ppm	< 2600 >1600
LG Process Feed Material	Mt	24.6
LG Diluted Li grade (stockpile grade)	ppm	2287
LG Contained LCE (Mt)	Mt	0.299
LG Diluted K grade (stockpile grade)	%	2.779
LG Diluted Cs grade (stockpile grade)	%	0.117
Marginal Grade Stockpile Range	ppm	> 1600 > 1000
Marginal Process HG Feed Material	Mt	35.7
Marginal Diluted Li grade (stockpile grade)	ppm	1520
Marginal Contained LCE (Mt)	Mt	0.289
Marginal Diluted K grade (stockpile grade)	%	2.315
Marginal Diluted Cs grade (stockpile grade)	%	0.099
Waste	Mt	127
Total Material	Mt	339.7
Strip Ratio	tw:t total pf	0.6
Strip Ratio	tw:H-G pf	0.83

Production Ramp Up	Y 1	Y 2	Y 3 to 7	Y 8	Y 9 to 12	Y 13	Y 14 to 32
Plant Feed M t/y	0.75	1.00	1.50	2.25	3.00	4.50	6.00

Area	Phase 1, $ M	Phase 2, $ M	Phase 3, $ M	LoM, $ M
Mining Capital	10.3	10.3	20.6	41.1
Process Plant, Direct Costs	399.9	359.9	720.5	1 480.0
Plant/Mine, Infrastructure	36.3	32.7	65.5	134.0
Bulk Infrastructure	35.1	17.6	35.2	88.0
Tailings	29.2	-	127.4	157
Total Direct Costs	510.8	420.5	969.1	1 900.0
Indirect Costs	109.7	98.7	197.4	406.0
Contingency	60.1	54.1	108.2	222.0
Closure	-	-	-	36
Total Project Capital Cost	680.6	573.3	1 274.7	2 565.5
*Note: Costs for closure capital have been estimated.*

Description	Units	LoM Base Case	LoM Alternate Case
G&A Costs	$ M	353	353
Mining Costs	$ M	1 226	1 226
Processing Costs	$ M	11 623	13 242
Tailings Costs	$ M	238	238
Total LoM Operating Cost	$ M	13 440	15 059
Unit Costs
G&A Costs	$/t LC	134	134
Mining Costs	$/t LC	464	464
Processing Costs	$/t LC	4 403	5 017
Tailings Costs	$/t LC	90	90
Total Unit Cost	$/t LC	5 092	5 705

Description	Units	Base Case	Alternate Case
Financial Outcomes (PRE-TAX)
NPV (8%)	$ M	8 410	9 251
IRR	%	40.7	38.5
Payback Period (undiscounted)	years	2.5	2.5
Financial Outcomes (POST-TAX)
NPV (8%)	$ M	5 109	5 585
IRR	%	32.0	29.9
Payback Period (undiscounted)	years	3.0	3.0

Activity	Unit costs (US$)	No.	Cost (US$)
Surface Mapping	1,000/day	14	14 000
Grab Sample Assay	50/sample	120	6 000
Structural modeling	1,200/day	8	9 600
		Total	29 600

Section #	Section Title	Qualified Person(s)
1	Summary	DRA - John Riordan Stantec - Derek Loveday Stantec - Mariea Kartick
2	Introduction	DRA - John Riordan Stantec - Derek Loveday Stantec - Mariea Kartick
3	Reliance on Other Experts	DRA - John Riordan
4	Property Description and Location	Stantec - Derek Loveday Stantec - Mariea Kartick
5	Accessibility, Climate, Local Resources, Infrastructure and Physiography	Stantec - Derek Loveday Stantec - Mariea Kartick
6	History	Stantec - Derek Loveday Stantec - Mariea Kartick
7	Geological Setting and Mineralization	Stantec - Derek Loveday Stantec - Mariea Kartick
8	Deposit Types	Stantec - Derek Loveday Stantec - Mariea Kartick
9	Exploration	Stantec - Derek Loveday Stantec - Mariea Kartick
10	Drilling	Stantec - Derek Loveday Stantec - Mariea Kartick
11	Sample Preparation, Analyses and Security	Stantec - Derek Loveday Stantec - Mariea Kartick
12	Data Verification	Stantec - Derek Loveday Stantec - Mariea Kartick
13	Metallurgy and Metallurgical Testing	DRA - John Riordan
14	Mineral Resource Estimates	Stantec - Derek Loveday Stantec - Mariea Kartick
15	Mineral Reserve Estimates	Stantec - Derek Loveday Stantec - Mariea Kartick
16	Mining Methods	DRA - David Thompson
17	Recovery Methods	DRA - John Riordan
18	Project Infrastructure	DRA - John Riordan
19	Market Studies and Contracts	DRA - John Riordan
20	Environmental Studies, Permitting and Social or Community Impact	DRA - John Riordan
21	Capital and Operating Costs	DRA - John Riordan DRA - David Thompson
22	Economic Analysis	DRA - Aveshan Naidoo
23	Adjacent Properties	Stantec - Derek Loveday Stantec - Mariea Kartick
24	Other Relevant Data and Information	DRA - John Riordan
25	Interpretation and Conclusions	DRA - John Riordan Stantec - Derek Loveday Stantec - Mariea Kartick
26	Recommendations	DRA - John Riordan Stantec - Derek Loveday Stantec - Mariea Kartick
27	References	DRA - John Riordan Stantec - Derek Loveday Stantec - Mariea Kartick

Abbreviation	Description
A	Ampere
AACE	AACE International
ALC	American Lithium Corporation
amsl	Above Mean Sea Level
ANSTO	Australian Nuclear Science and Technology Organisation
BCM	Bulk Cubic Metre
BG	Battery Grade
BMI	Benchmark Mineral Intelligence
BOO	Build Own Operate
°C	Degrees Celsius
Capex	Capital Expenditure
CIMM	Centro de lnvestigacion Minera y Metalurgica

Abbreviation	Description
cm	Centimetre
CRM	Certified Reference Material
COC	Chain of Custody
COG	Cut-off grade
Cs₂SO₄	Cesium Sulfate
d	Day
d/y	Days per year
Datamine	Datamine Strat3D^TM modelling software
DEM	Digital Elevation Model
DGAAM	General Directorate of Mining Environmental Affairs (Dirección General de Asuntos Ambientales Mineros)
DRA	DRA Pacific
EA	Environmental Evaluation
EBITDA	Earnings before interest, taxes, depreciation, and amortization
edds	electronic data deliverables
EIA	Environmental Impact Assessment
EIA-d	Detail Environmental Impact Assessment
EIA-sd	Semi-detail Environmental Impact Assessment
EIS	Environmental Impact Statement
EPC	Engineering, Procurement, Construction
EPCM	Engineering, Procurement & Construction Management
EREA	Environmental Regulation on Exploration Activities (020-2008-EM)
Falchani	Falchani Lithium Project
FEED	Front End Engineering and Design
FEL	Front End Loader
FS	Feasibility study
ft	Foot
GL	Giga liter
h	Hour
h/d	Hours per day
ha	Hectare
HV	High Voltage

Abbreviation	Description
ICP-OES	Inductively Coupled Plasma Optical Emission Spectrometry
ICP-MS	Inductively Coupled Plasma Mass Spectrometer
IDW	Inverse-distance weighted algorithm
INGEMMET	Institute of Geology, Mining and Metallurgy
IPEN	Instituto Peruano de Energia Nuclear
IRR	Internal rate of return
IR	Impurity removal
IX	Ion exchange
J	Joule (energy)
k	Kilo or thousand
kg	Kilogram
km	Kilometre
kt	Kilo tonne (thousand metric tonne)
kW	Kilowatt (power)
kWh	Kilowatt hour
L	Liter
lb	Pounds
LC	Lithium Carbonate
LCE	Lithium Carbonate Equivalent
LCT	Locked Cycle Testwork
LIBS	Laser Induced Breakdown Spectroscopy
LoM	Processing Life of Mine - Total 43 years consisting of mining activity for 32 years plus 11 years treating low grade surface dumps
LV	Low voltage
m	Metre
M	Million
Mt	Million tonnes
m²	Square metre
m³	Cubic metre
MEM	Ministry of Energy and Mines (See MINEM)
MetSim	METSIM metallurgical modelling software
MCC	Motor control center

Abbreviation	Description
MEG	Moment Exploration and Environmental Geochemistry Inc.
MINAM	Ministry of the Environment (Ministerio del Ambiente)
MINEM	Ministerio de Energía y Minas de Perú (See MEM)
mm	Millimetre
MM	Mineralized Material
m/h	Miles per hour
MPA	Macusani Project Area
MRE	Mineral Resource Estimate
MSP	Mixed Sulfate Product
Mst	Million std tonnes
Mt	Million tonnes (metric)
Mt/y	Million tonnes per year
MW	Megawatt
NPV	Net present value
OK	Ordinary kriging
OSINERGMIN	Supervisory Agency for Investment in Energy and Mining (Organismo Supervisor de la Inversión en Energía y Minas)
P80	80% passing size
PAMA	Program for Environmental Management and Adjustment
PEA	Preliminary Economic Assessment
PFS	Pre-Feasibility Study
PLS	Pregnant Leach Solution
PPM	Parts Per Million
PS	Process Start
QA/QC	Quality Assurance and Quality Control
QP	Qualified Person as defined in NI43-101
RC	Reverse Circulation drilling
RoM	Run-of-Mine
SIB	Stay in Business
SOP	Sulfate of Potash/ Potassium Sulfate/ K₂SO₄
RQD	Rock Quality Designation

Abbreviation	Description
s	Second
SAP	Sulfuric Acid Plant
SENACE	National Environmental Certification Service for Sustainable Investments (Servicio Nacional de Certificación Ambiental para las Inversiones Sostenibles)
t	Tonne (metric)
t/d	Tonnes per day
t/h	Tonnes per hour
t/m3	Tonnes per cubic metre
t/y	Tonnes per year
TMI-RTP	Total Magnetic Intensity - Reduced to the Pole
TSF	Tailings Storage Facility
$	United States Dollar
$ M	United States Dollar - Million
$ B	United States Dollar - Billion
µm	Micrometre or micron
UNDP/IAEA	United Nation Development Programme/International Atomic Energy Agency
UTM	Universal Transverse Mercator
V	Volt
VAT	Value added tax
VSD	Variable speed drive
WAI	Wardell Armstrong International
WMSF	Waste Material Storage Facility
WRSF	Waste Rock Storage Facility
XRD	X-Ray Diffraction
XRF	X-Ray Fluorescence
y	Year or Years