Mr. Philip Williams reports

CONSOLIDATED URANIUM CLOSES ACQUISITION OF THE MILO URANIUM-COPPER-GOLD-REE AND IS GRANTED GIDYEA CREEK PROJECT TENEMENTS IN QUEENSLAND, AUSTRALIA

Consolidated Uranium Inc. has closed the previously announced acquisition of a 100-per-cent undivided interest in the Milo uranium, copper, gold, rare earth project pursuant to the definitive sale and purchase agreement dated Nov. 10, 2021, between the company and Isa Brightlands Pty. Ltd., a wholly owned subsidiary of GBM Resources. The project consists of exploration permit -- minerals (EPM) 14416, which includes 20 subblocks or approximately 34 square kilometres located within The Mt. Isa inlier, approximately 40 kilometres west of Cloncurry in northwestern Queensland, Australia.

The company has been granted three contiguous EPMs located approximately 65 kilometres north of the town of Mount Isa in Queensland, Australia, by the Department of Natural Resources, Mines and Energy. This new project, called Gidyea Creek, covers an area of 785 square kilometres and is located immediately adjacent to Paladin Energy Ltd.'s Valhalla project, which ranks as the largest uranium deposit in the state.

Philip Williams, chief executive officer, commented: "Australia remains an important jurisdiction for CUR, and we are pleased to have closed the Milo acquisition and established a foothold in the Mt. Isa region with the granting of the Gidyea Creek project tenements. Increasingly, end-users of uranium and investors are recognizing the importance of projects domiciled in geopolitically stable and mining-friendly jurisdictions. The CUR global portfolio was constructed with this in mind, with the bulk of our projects located in Australia, Canada and the U.S., and we will look to continue to add projects in these and other top-tier jurisdictions. Like many of our other projects, we believe that both Milo and Gidyea Creek boast strong exploration potential, which we intend to pursue in short order. Our team is busy reviewing historic data from these and our other Australian projects, and we look forward to providing more details on planned work programs in the coming months."

In connection with closing of the acquisition, the company issued to GBM 750,000 common shares of the company at a deemed price of $2.85 per share, which is based on the seven-day volume-weight average price of the company shares on the TSX Venture Exchange up to the date immediately prior to signing of the agreement. In addition, Consolidated Uranium has assumed GBM's obligations pursuant an existing 2-per-cent net smelter return royalty on the value of gold or other mineral derived from ore produced from the project payable to Newcrest Mining Ltd.

The common shares issued in connection with the acquisition are subject to final approval of the TSX-V and subject a statutory hold period under Canadian securities legislation ending on Aug. 21, 2022.

The Milo uranium, copper, gold, rare earth project

The Milo deposit is a large IOCG (iron oxide copper gold) breccia-style system where base and precious metal mineralization occurs as moderate to steeply northeast-dipping, sulphide-rich breccia zones which are enclosed by a zone of TREEYO-P2O5 enrichment forming a halo to the base metal mineralization. Drilling by GBM from 2010 to 2012 totalled 32 drill holes, with each phase of drilling extending the mineralization to the north and south. The drilling has delineated continuous uranium, copper and REE mineralization over a strike length of one kilometre and up to 200 metres wide. The 2012 drilling program intersected some high-grade Cu mineralization, including two metres at 6.19 per cent Cu at 163 metres downhole in MIL015, one of the most southerly drilled holes.

Exploration potential at Milo is considered to be good. Much of the previous work at Milo, including the bulk of drilling, has been directed at the Milo gossan. A similar gossan occurs immediately to the west (Milo western gossan) and is over one kilometre long. It has a similar radiometric signature to Milo. In addition, a further large untested radiometric anomaly occurs approximately one kilometre to the north (Milo North), which has the largest radiometric anomaly on the tenement. Previous work has focused on the rare earth potential of the project rather than the uranium potential.

Mining One Consultants, an independent consulting company, prepared a technical report on the project in accordance with the disclosure standards of JORC (Joint Ore Reserves Committee), 2004, entitled "Milo Project Scoping Study," dated March, 2013. Geomodelling Ltd. was contracted by GBM to generate a block model resource estimate for the deposit for inclusion in the Mining One report, which was detailed in a Consolidated Uranium news release dated Nov. 10, 2021. This mineral resource estimate is considered to be a historical estimate for Consolidated Uranium as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and is not considered by the company to be current, and the company is not treating it as such. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The company would need to review and verify the previous drill hole data and conduct an exploration program, including twinning of historical drill holes, in order to verify the historical estimate as a current mineral resource.

The Gidyea Creek project

The Gidyea Creek project tenure is located within the highly prospective Leichhardt River fault trough (LRFT), part of the western succession of the Mount Isa basin. The western succession has a long history of uranium exploration (over 50 years) and is associated with over 100 recorded uranium occurrences hosted within the Paleoproterozoic metasediments and mafic volcanic rocks that belong to the Eastern Creek volcanics (ECV). The majority of known uranium occurrences in the ECV occur to the east by the Gorge Creek fault and the Quilalar fault zone, to the north by the Crystal Creek fault, to the west by the eastern margin of the Sybella granite and the 29-Mile fault and to the south by a zone coincident with the Mount Isa township. The mineral occurrences are observed as ironstone gossans, some associated with small historic uranium workings, generally co-incident with large radiometric, magnetic and geochemical anomalies. The most significant of these occurrences is the Valhalla group of deposits (Valhalla, Odin, Skal) which occur just to the south of the Gidyea Creek tenement boundary.

The Valhalla deposit is an epigenetic, hydrothermal, structurally controlled and albitite-hosted deposit of uranium. It is located within a north-northwest-striking sequence of intercalated metabasalt, laminated meta-shales and meta-siltstone units of the Eastern Creek volcanics, which form a thick rift/sag sequence within the Leichhardt River domain of the Mount Isa western succession. thought to have occurred between 1.74 and 1.68 million years within the latest Paleoproterozoic. The Valhalla and Skal mineralization are hosted by hematite-magnetite-carbonate breccias associated with a zone of intense mylonitic/cataclastic shearing and hydraulic brecciation.

The presence of significant zones of uranium and copper mineralization, the proximity to the regional Mt. Isa fault zone, the proximity to granite intrusives, and the mineralogy of the known deposits have been taken to imply that the mineralization has an IOCG association; however, others hypothesize that the uranium deposits are metamorphosed equivalents of Proterozoic unconformity-type uranium deposits.

The primary exploration target at Gidyea Creek is potential uranium occurrences with the ECV sequences which extend through the Gidyea Creek project tenure. Initial exploration activity will consist of data integration and review, in conjunction with development and refinement of the mineralization models to define first-order targets within the project tenure.

Technical disclosure and qualified person

The scientific and technical information contained in this news release was reviewed and approved by Peter Mullens (FAusIMM), Consolidated Uranium's vice-president of business development, who is a qualified person (as defined in National Instrument 43-101).

About Consolidated Uranium Inc.

Consolidated Uranium was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina and the United States, each with significant past expenditures and attractive characteristics for development. Most recently, the company completed a transformational strategic acquisition and alliance with Energy Fuels Inc., a leading United States-based uranium mining company, and acquired a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning Consolidated Uranium as a near-term uranium producer.

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