10:24 AM EDT, 08/28/2024 (MT Newswires) -- American Lithium ( AMLI ) Tuesday said chief executive Simon Clarke is resigning from the company effective Sept.1 to pursue other interests.

The company said director Alex Tsakumis will take over the role on an interim basis.

Tsakumis has worked in the mining sector for over 30 years, and has been involved in exploration, development and production projects throughout his career.

Also, the company has applied for an additional 180-days' notice from the Nasdaq Stock Market LLC to regain compliance with the Minimum Bid Price Rule of US$1.00 per share.

American Lithium ( AMLI ) maintained its Outperform rating and C$1.50 price target at National Bank of Canada following the news.

The bank expects the announcement to have a "largely neutral impact" on the stock today.

It said the focus for American Lithium ( AMLI ) remains on the updated economic studies on Falchani (first half of 2025), TLC (2025) and Macusani (second half of 2024), as well as any update on the legal battles over the concessions in Peru.

American Lithium's ( AMLI ) shares rose 1.9% at last look to $0.54 on the TSX Venture Exchange.

Price: 0.54, Change: +0.01, Percent Change: +1.89