Mr. Philip Williams reports

CONSOLIDATED URANIUM TO ACQUIRE THE PAST PRODUCING HUEMUL URANIUM-VANADIUM-COPPER PROJECT IN ARGENTINA

Consolidated Uranium Inc. has entered into two purchase agreements to acquire 100 per cent of the Huemul-Agua Botada uranium-vanadium-copper mine (Huemul) and surrounding prospective ground, totalling approximately 27,350 hectares located in the Malargue department of southern Mendoza province, Argentina (collectively referred to as the Huemul project). Huemul was Argentina's first producing uranium mine and operated between 1955 and 1975, recording approximately 500,000 pounds of historical U3O8 (triuranium octoxide) production before it closed in 1976.

Highlights:

• Adds second Argentine project in mining-friendly region -- Consolidated Uranium has been actively working in Argentina since the acquisition of the Laguna Salada project in late 2021. Beyond the technical merits of Huemul, its location in the mining-friendly Malargue department of Mendoza province was an important consideration in making the acquisition.
• Leverages existing in-country expertise -- the Consolidated Uranium team in Argentina boasts decades of experience operating in the country, exploring for and developing various commodities, including uranium. The team conducted numerous technical due-diligence site visits and stands ready to move quickly to advance the project once required approvals and permissions are granted.
• Transaction consolidates large land package for the first time -- the Huemul area, including the historic mine area, was the subject of exploration by several different owners in the past. This will be the first time the entire package has been held in a single hand, opening the potential for a more regional exploration approach.
• High uranium and copper grades previously recovered -- the Huemul mine historically recorded approximately 500,000 pounds of U3O8, approximately 175,000 pounds of V2O5 (vanadium oxide) and 5.2 million pounds of Cu (copper) production from approximately 130,000 tonnes of ore averaging 0.21 per cent U3O8, 0.11 per cent V2O5 and 2 per cent Cu by flotation at a concentration plant.
• Robust near-mine and regional exploration potential -- the down-plunge and along-strike extensions of mineralization at the Huemul mine and Aguas Botada zones are underexplored and merit additional exploration work. In addition, the target geological sequence is present and mineralized at surface over large areas across the project. Gently dipping conglomerate units hosting the mined ore at Huemul extend southward from the historic mine workings and are traceable over at least 15 kilometres. Within this target stratigraphic package, strong uranium-vanadium-copper geochemical anomalies, with broad corresponding uranium and thorium radiometric anomalies, have been defined by a previous exploration company. These anomalies have never been drilled.
• Multiple critical minerals present -- uranium, copper and vanadium are considered critical minerals by many countries based on their importance for the transition toward more environmentally friendly green energy.
• Argentina needs uranium -- with three reactors currently generating approximately 7 per cent of the country's electricity, a fourth under construction, and a history of producing, converting and enriching its own uranium, Consolidated Uranium believes exploring for developing uranium mines in Argentina has strong merit and may ultimately garner support by all levels of government.

Philip Williams, chairman and chief executive officer of Consolidated Uranium, commented: "Argentina is often overlooked in the CUR portfolio but is a country that presents significant opportunities. Few jurisdictions that have such a strong commitment to nuclear power also have the proven geological potential to provide domestically sourced uranium. In this regard, it is very similar to the dynamics unfolding in the U.S. uranium industry, however, the level of competition in Argentina is nearly non-existent, providing a tremendous opportunity to CUR. The Huemul project, with its history of uranium mining and large, consolidated land package, positions CUR to be one of the leading uranium explorer-developers in Argentina's Neuquen basin, which could rival the large historic uranium-producing basins located in the western U.S. and Kazakhstan. Huemul was Argentina's first producing uranium mine and we believe that its location in the emerging mining-friendly department of Malargue, as well as its vanadium and copper potential, represents an exciting opportunity for the company."

Consolidation of the Huemul project claim package

The consolidated Huemul project claim package consists of three areas:

1. The Huemul mine, the Silvana claim, and Huemul Norte and Sur claim applications -- as part of the Huemul acquisition (as defined herein), the company has agreed to acquire the Huemul mine lease, the Silvana claim, and the Huemul Norte and Huemul Sur claim applications, totalling approximately 22,432 hectares.
2. The NewEra claims -- as part of the NewEra acquisition (as defined herein), the company has agreed to acquire two claim applications covering approximately 2,352 hectares held by NewEra Metal Resources Ltd.
3. The Cerro Butalo claims -- Cerro Butalo, covering approximately 2,566 hectares, was previously staked by Energy Minerals/Maple and was acquired by the company in 2020 pursuant to an option agreement with Green Shift Commodities Ltd. (previously U3O8 Corp.) (see Consolidated Uranium's Dec. 14, 2020, press release).

Terms of the Huemul acquisition

Pursuant to an agreement between Consolidated Uranium's wholly owned subsidiary, 2847312 Ontario Inc., and the vendor of Huemul dated June 13, 2023, 2847312 Ontario has agreed to acquire a 100-per-cent interest in approximately 22,432 hectares within the Huemul project area held by the Huemul vendor for consideration composed of:

• $200,000 (U.S.) in cash;
• 500,000 common shares of Consolidated Uranium; and
• A 2-per-cent NSR (net smelter return) royalty, payable by the company to the Huemul vendor on certain portions of the Huemul project. Consolidated Uranium will have the right to repurchase 1 per cent of the Huemul royalty by paying the amount of $2-million (U.S.).

Terms of the purchase agreement with NewEra

Pursuant to an agreement between 2847312 Ontario dated June 13, 2023, 2847312 Ontario has a right to acquire 100-per-cent interest of the NewEra claim applications for consideration composed of:

• $120,000 (U.S.) in cash;
• 119,372 common shares; and
• A 1-per-cent NSR royalty payable by the company to NewEra on the claims covered by the NewEra claim applications.

The common shares issuable pursuant to the Huemul agreement and the NewEra agreement are subject to approval of the TSX Venture Exchange, 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 acquisitions, and the Huemul vendor and NewEra are arm's-length parties with respect to the company.

The Huemul uranium-vanadium-copper project

The Huemul project is an early-stage exploration project located in the southern part of Mendoza province, Argentina. Huemul consists of approximately 27,350 hectares of exploration claims centred around CNEA's (Comision Nacional de Energia Atomica) historic Huemul-Agua Botada mine, Argentina's first producing uranium mine. The Argentine government discovered the Huemul-Agua Botada zone in 1952 and exploited the deposit between 1955 and 1975. Historically, ore was treated in a concentration plant at the nearby town of Malargue.

Uranium-vanadium-copper mineralization at Huemul comprises a number of stacked, metres-thick stratabound lenses hosted by an approximately 50-metre-thick packet of conglomerates and arenites, sandwiched by redbeds and intruded by andesite sills. These sedimentary rocks are part of the fill sequence of the Cretaceous Neuquen basin. Host rocks to the mineralization are highly bituminous and mineralized zones are likely to have been failed petroleum-gas traps.

Approximately 130,000 tonnes were historically mined from the Huemul mine, averaging 0.21 per cent U3O8, 2 per cent Cu and 0.11 per cent V2O5, while the production from the adjacent Agua Botada deposit averaged approximately 0.13 per cent U3O8 and 0.1 per cent Cu. The hypogene ore-related minerals at Huemul-Agua Botada include pitchblende, pyrite, marcasite, chalcopirite, bornite, sphalerite and galena and, in the overlying supergene zone, uranophane, carnotite, torbenite, malachite, azurite, neoticite and roscolite.

In 2005, Energy Minerals (local subsidiary of Calypso Uranium Corp.) conducted radiometric surveys, ground truthing and geochemical sampling over the Huemul district around the historic Huemul-Agua Botada mines, however, no drilling was ever conducted.

Several kilometres to the east and southeast of the historic mines, Calypso Uranium defined a number of new prospects characterized by strong radiometric and geochemical anomalism, plus favourable geology:

• Black zone/Larga Vega;
• Rosa/Uryco;
• Cerro Mirano, Tres Diques.

Consolidated Uranium's more recent analysis suggests that these prospects all have both strong geochemical and radiometric similarities with Huemul, plus the size potential to warrant immediate follow-up. These prospects only require interpretive geological mapping and radiometric ground traversing before proceeding to preliminary drill testing.

At the Black Zone/Vega Larga prospect, a semi-coherent uranium channel airborne radiometric anomaly approximately four km by one km in size was delimited, elongated in an east-northeast-west-southwest direction. The radiometric anomaly is centred on an erosional window of bleached conglomerates and sandstones sandwiched between redbed facies. Strongly radiogenic uranium-copper mineralization is hosted by southwesterly dipping Upper Cretaceous conglomerates of the Cretaceous Diamante formation. A strong uranium-copper rock geochemistry anomaly of a similar size to the airborne radiometric anomaly reported uranium values up to 8,738 parts per million (ppm) and copper values in excess of 10,000 ppm (1 per cent) in historic sampling. Follow-up ground radiometry by Calypso Uranium allowed interpretation of laterally extensive, stratabound, potentially mineralized conglomerate units.

Preliminary surface observations by Consolidated Uranium in the Black Zone/Larga Vega prospect area has confirmed the presence of uranium and copper sulphates/hydroxides in certain conglomerate beds, and in steep fractures striking northeast-southwest and northwest-southeast. In addition, high scintillometer counts (1,700 counts per second to over 50,000 cps) have been confirmed in the field, particularly within silica-clay alteration zones within some conglomerate horizons. Verification of the historic geochemical assays reported has not yet been undertaken.

The historic results gathered by Calypso Uranium and Consolidated Uranium field verification indicate that the Huemul project has potential to host extensive, and as yet undiscovered, zones of shallow conglomerate-hosted uranium, vanadium and copper mineralization of a similar style to that historically exploited at the Huemul-Aguas Botadas mine.

Following the receipt of environmental and exploration permits, Consolidated Uranium's 2023 exploration program at Huemul is expected to focus on more precisely defining the extent of radiometric and geochemical anomalies, through a program of detailed geological mapping, ground scintillometer traversing and systematic rock geochemical sampling. Potentially mineralized targets will later be tested through shallow diamond drilling.

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.

The company is currently advancing its portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado, with a toll milling arrangement in place with Energy Fuels Inc., a leading United States-based uranium mining company. 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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