American Lithium (LI.V, AMLI) on Monday said it is preparing a fresh mineral resource estimate (MRE) for its TLC Lithium Project in Nevada as exploration drilling at the site continues.

The company said the updated MRE will include results from 42 new drill holes at the property as it looks to convert indicated resources into the measured category ahead of a prefeasibility study for the project. Environmental baseline studies are also underway as it also plans to begin the process of securing permits for the mine.

American Lithium also said it is awaiting a decision from Peru's supreme court on whether it will hear an appeal from the country's Ministry of Energy and Mines "appealing previous high court rulings in favour of the Company and its ownership of disputed concessions". It is also waiting on regulatory approval of the semi-detailed Environmental Impact Assessment Study for its Falchani project in the South American country, as well as exploration permits for its Macusani uranium project there.

"We are making steady progress across all our projects. Our focus remains on diligently advancing each initiative as we are preparing for the anticipated recovery in the battery metals market. Recent market activity is reigniting optimism as our projects remain robust and are supported by strong fundamentals and sound economics," interim chief executive Alex Tsakumis said in a release.

The company's shares closed up $0.04 to $1.05 Friday on the TSX Venture Exchange.