Mr. Philip Williams reports

CONSOLIDATED URANIUM COMMENCES DRILLING ON US PROJECTS TARGETING HISTORIC MINERAL RESOURCE CONFIRMATION AND EXPANSION

Consolidated Uranium Inc. has commenced drilling on its past-producing U.S. uranium projects: the Tony M mine, the Daneros mine, and the Rim uranium and vanadium mine, located in southeastern Utah. All three underground mines are fully developed and permitted, with production occurring most recently between 2006 and 2013. The mines are also uniquely positioned in close proximity to the White Mesa mill owned and operated by Energy Fuels Inc., with which Consolidated Uranium has a toll milling agreement. The company has contracted DrillRite LLC to perform a planned 21,000 feet of surface drilling across all three projects, which will consist of conventional open-hole rotary precollars with core tails. Borehole geophysical logging services will be provided by Century Geophysical LLC.

Highlights:

• Tony M mine: An eight-hole program totalling 6,000 feet is now under way to verify the historical exploration drill hole data set and facilitate the preparation of a current mineral resource estimate.
• Daneros mine: An eight-hole program totalling 7,200 feet will commence immediately following completion of the Tony M program and will focus on areas outside of the historic resource estimate.
• Rim uranium and vanadium mine: A 15-hole program totalling 10,000 feet will commence immediately following completion of the Daneros program and will focus on areas outside of the historic resource estimate.

Philip Williams, chief executive officer, commented: "Commencement of these drill programs represents an important step in demonstrating what we believe to be the tremendous inherent value and upside potential of our U.S. uranium project portfolio. By verifying the historic mineral resource at Tony M and testing areas outside of the historic mineral resources at Daneros and Rim, we hope to position the company to make a production decision in the second half of the year, subject to market conditions. We believe these projects are uniquely positioned to deliver new uranium production, in the strategically important domestic U.S. market, in a short time frame and for low additional capital investment. All three mines were in production during the uranium bull market of 2006 to 2010 with substantial capex [capital expenditure] spent by the previous operators. The projects are all fully permitted and expected to allow for rapid restart following a production decision. Further, our toll milling agreement with Energy Fuels for processing of our material at the White Mesa mill positions CUR as the only conventional uranium developer that can both mine and have its material processed for the ultimate sale of uranium into the market in the near term. In our view, the attributes of these projects, when taken together, set CUR apart from its peers, and we are poised to benefit from the expected continued strength in the uranium market."

Qualified person

The scientific and technical information contained in this news release was reviewed and approved by Dean T. Wilton, CPG-7659, 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, a leading U.S.-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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