Mr. Philip Williams of Consolidated Uranium reports

CONSOLIDATED URANIUM EXERCISES OPTION TO ACQUIRE THE BEN LOMOND URANIUM PROJECT IN QUEENSLAND, AUSTRALIA

Consolidated Uranium Inc. has provided the following updates on the option agreement with Mega Uranium Ltd. that was previously announced on May 14, 2020, and subsequently closed on June 18, 2020, providing Consolidated Uranium with the option to acquire a 100-per-cent undivided interest in the Ben Lomond and Georgetown uranium projects in Australia.

Consolidated Uranium has provided notice to Mega of its exercise of the option to acquire the Ben Lomond project for consideration of $3,035,000, comprising $2.5-million for the exercise of the option and an additional $535,000 that Mega is entitled to receive under the spot price contingent payment terms of the agreement. The entire amount will be satisfied by the issuance of 1,340,548 common shares at a deemed price of $2.264 per share based on the five-day VWAP (volume-weighted average price) of the common shares up to June 10, 2022, being the second business day prior to the option being exercised. Upon issuance, it is anticipated that the 1,340,548 common shares will be held in escrow pending closing of the acquisition. In addition, as a result of the exercise of the option, Mega will be entitled to receive certain future payments contingent upon the attainment of certain milestones tied to the spot price of uranium, as described in the company's press release dated May 14, 2020. The exercise also triggers Mega's right, for a period of 120 days from the exercise of the Ben Lomond option, to sell the Georgetown project to Consolidated Uranium for additional consideration of $500,000, payable in cash or shares, which, if exercised by Mega, will also entitle it to receive certain future payments contingent upon the attainment of certain milestones tied to the spot price of uranium again as described in the company's press release dated May 14, 2020.

Philip Williams, chairman and chief executive officer, commented: "We believe that Australia is a highly desirable jurisdiction for owning and advancing uranium projects. Exercising the Ben Lomond option is an important step in expanding our presence in the country."

Closing of the acquisition remains subject to satisfaction of certain closing conditions customary for a transaction of this nature. All securities issued in connection with the option agreement are subject to final approval of the TSX Venture Exchange and will be subject to a hold period expiring four months and one day from the applicable date of issuance.

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 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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