04:56 PM EDT, 05/30/2024 (MT Newswires) -- American Lithium ( AMLI ) after trade Thursday reported a narrower fiscal fourth-quarter loss, and said it is "uniquely placed to benefit" with lithium prices "appearing to have bottomed" and uranium prices "having strengthened further."

The company lost $7.01 million, or $0.19 per share, in the quarter ended Feb.29, compared with a loss of $9.85 million, or $0.05, in the year-prior period.

"This was an extremely successful year operationally for both Falchani and TLC, our advanced lithium projects in Peru and Nevada, respectively. We also made strong progress in positioning our large-scale uranium project, Macusani (in Peru), to unlock value for the company and its shareholders. The filing of the maiden PEA for TLC and an updated PEA on Falchani demonstrated robust economics for both projects and led to a combined after-tax net present value of approximately US$8.37 billion. However, the overall market conditions for lithium developers have been very challenging throughout the financial year, with a major correction in the commodity price driving equity prices to very low valuations," chief executive Simon Clarke said in a statement.

He added: "Going forward, with lithium prices appearing to have bottomed and uranium prices having strengthened further, we feel we are uniquely placed to benefit from any sustained recovery and in the interim, we continue to prudently manage our working capital."

American Lithium ( AMLI ) shares were last seen down US$0.01 to US$0.69 in US after-hours trade. They closed down $0.04 to $0.94 on the TSX Venture Exchange.