Mr. Philip Williams reports

CONSOLIDATED URANIUM ENTERS SOUTH AUSTRALIA WITH ACQUISITION OF YARRANNA URANIUM PROJECT

Consolidated Uranium Inc. has entered into a definitive share sale and purchase agreement dated Oct. 30, 2022, with certain entities pursuant to which Consolidated Uranium has agreed to acquire all of the outstanding shares of New Standard Resources Pty. Ltd., a privately owned Australian exploration company which holds a 100-per-cent undivided interest in the Yarranna uranium projects in South Australia.

Highlights:

• Represents Consolidated Uranium's initial foray in south Australia, a uranium-mining-friendly jurisdiction with an operating uranium mine, and several near-term production and advanced development projects including Quasar Resources' Four Mile mine, Boss Energy's Honeymoon project and Alligator Energy's Samphire project.
• Historic drilling intersected high-grade, shallow mineralization, including:
  • One metre grading 0.355 per cent U3O8 (triuranium octoxide) from 66 m;
  • Four m grading 0.086 per cent U3O8 from 67 m.
• Mineralization is potentially amenable to in situ recovery.
• Exploration potential remains high with widely spaced historic drilling testing a limited area of the favourable paleochannel target area.

Philip Williams, chief executive officer, commented: "Adding the Yarranna project in south Australia is a natural extension of our Australian strategy. The country remains a key focus for Consolidated Uranium as it is host to significant uranium resources, operating uranium mines and an attractive federal and state level mining regime. To date, we have focused on the acquisition of historic resources and exploration projects in Queensland where the recent addition of the West Newcastle range, Teddy Mountain and Ardmore East projects established a critical mass of seven projects for Consolidated Uranium in the state. South Australia is a desirable location to explore for uranium with an existing operating uranium mine and several advanced development projects. We believe the projects have potential for additional discovery based on past drilling, which encountered strong grades over wide spacing, and the potential for in situ recovery which is another attractive feature that we intend to further evaluate."

Terms of the sale and purchase agreement

Pursuant to the agreement, Consolidated Uranium will acquire 100-per-cent interest in New Standard for consideration comprised of 2,059,732 common shares in the capital of the company at a deemed price per share of $1.94, which is the 10-day VWAP (volume-weighted average prices) of the Consolidated Uranium Shares on the TSX Venture Exchange up to the date prior to signing the agreement.

In addition, Consolidated Uranium has agreed to grant to the sellers a 2-per-cent net smelter returns royalty on the projects, 1 per cent of which can be repurchased by Consolidated Uranium for the payment of $1-million. Any Consolidated Uranium shares issued in connection with the acquisition are subject to approval of the TSX-V. There are no finder's fees payable in connection with the acquisition, and the sellers are arm's-length parties with respect to the company.

The Yarranna uranium project

The Yarranna project is an advanced-stage exploration project located in the Eucla basin of southwest Australia. Uranium mineralization was first discovered on the project in the 1980s by the Carpentaria Exploration Company Pty. Ltd., which carried out extensive uranium exploration up until 1988, including geophysics (resistivity, airborne photographic survey, airborne mag and radiometric survey and ROAC survey), drilling (rotary, air core/RC and diamond drilling), and associated downhole probing (gamma, resistivity and SP) and assays. This work led to the discovery of four uranium prospects named Yarranna one to four. Between 2007 and 2009, Iluka Resources Ltd., conducted an airborne survey, and rotary and air core drilling for uranium. Significant historic drill intersections are shown in the table entitled "Yarranna project with select key rotary and air core drill results."

Table 1: Yarranna project with select key rotary and air core drill results

Corporate update

Further to Consolidated Uranium's press release dated Sept. 6, 2022, the company has amended the terms of the share sale and purchase agreement dated Sept. 5, 2022, with GlobalOreInvestments Pty. Ltd. (GOI), pursuant to which Consolidated Uranium agreed to acquire all of the outstanding shares of Management X Pty. Ltd., a privately owned Australian exploration company which holds a 100-per-cent undivided interest in the West Newcastle range, Teddy Mountain and Ardmore East projects. Pursuant to the amendment, each of the contingent payments set out in the GOI agreement, which previously provided for the payment of $500,000 payable in cash or Consolidated Uranium shares at the company's election, are now payable solely through the issuance of 200,000 Consolidated Uranium shares. The contingent payments are payable in the event that either of the following milestones are met within eight years following the date of the GOI agreement:

• The month-end Ux U3O8 price as published by UxC LLC exceeds $60 (U.S.) per pound.
• A National Instrument 43-101-compliant mineral resources estimate for the West Newcastle range and Teddy Mountain projects is prepared where the mineral resource estimate is greater than or equal to six million pounds (Mlb) of U3O8, or, with respect to the Ardmore East project, the mineral resources estimate is greater than or equal to three Mlb of U3O8 equivalent.

Any Consolidated Uranium shares issued in connection with the GOI acquisition are subject to approval of the TSX-V and will be subject to a hold period expiring four months and one day from the date of issuance. There are no finder's fees payable in connection with the GOI agreement and GOI is an arm's-length party with respect to the company.

Qualified person

The scientific and technical information contained in this news release was reviewed and approved by Peter Mullens, the vice-president of corporate development for Consolidated Uranium, who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 stand-by, ready for rapid restart as market conditions permit, positioning Consolidated Uranium as a near-term uranium producer.

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