Mr. Phil Williams reports

CONSOLIDATED URANIUM COMMENCES DRILLING AND REOPENING OF THE UNDERGROUND AT THE TONY M MINE

Consolidated Uranium Inc. has commenced comprehensive work programs at its 100-per-cent-owned Tony M mine in southeastern Utah. Tony M is one of three past-producing uranium mines in Utah owned by Consolidated Uranium and is a large-scale, fully developed and permitted underground mine that produced nearly one million pounds of U3O8 (triuranium octoxide) during two different periods of operation from 1979 to 1984 and from 2007 to 2008. The work programs being initiated follow key recommendations highlighted by SLR International Corp. in a technical report entitled "Technical Report on the Tony M Project, Utah, USA," dated effective Sept. 9, 2022.

Highlights of the work programs:

• Defining the vanadium potential of the Tony M deposit: Consolidated Uranium has commenced an up to 59-hole infill drill program from surface totalling approximately 38,000 feet, along with an underground sampling program designed to collect detailed information on the distribution and grades of vanadium mineralization from both the drill program and underground sampling programs with the ultimate aim of calculating a vanadium mineral resource. Historically, there has been very little investigation of the vanadium potential at Tony M. Consolidated Uranium's confirmation drill program in 2022 showed V2O5 (vanadium pentoxide)/U3O8 ratio ranges from an average of 1:1 to greater than 17:1 in places (see press release dated Dec. 13, 2022). The 2023 program is based on the recommendations highlighted in the technical report.
• Delineation drilling to upgrade inferred resources: The drilling may also have the added benefit of potentially allowing for an upgrade of a portion of the currently estimated inferred mineral resources to the indicated category.
• The mineral resource estimate for Tony M as of Sept. 9, 2022, as reported in the technical report, is based upon a commodity price of $65 (U.S.) per pound of U3O8 and a cut-off grade of 0.14 per cent eU3O8 includes:
  • Indicated mineral resource of 1,185,000 tonnes grading 0.28 per cent eU3O8 for 6.6 million pounds contained uranium;
  • Inferred mineral resource of 404,000 tonnes grading 0.27 per cent eU3O8 for 2.2 million pounds contained uranium.
• Reopening of the underground for sampling and mine preparation: Once the Tony M portal has been opened, an extensive sampling program is expected to be undertaken for both uranium and vanadium. Consultants have been retained to oversee the design and implementation of the ventilation plan and assess ground conditions. This program is a key step toward the ultimate restart of the mine.
• Next step, completion of a preliminary economic assessment: A further key recommendation of the technical report was the completion of a preliminary economic assessment for Tony M. Results from both the surface and underground programs, including an updated mineral resource estimate, are expected to form the basis for this assessment which could be completed prior to the end of the year.

Chairman and chief executive officer Phil Williams stated: "With uranium market fundamentals showing significant strength and the unquestionable need and political support for domestic U.S. uranium production, we believe advancing the Tony M project toward a near-term production decision is the correct course of action. The programs announced today will not only provide detailed information to guide ultimate mining of the Tony M resource, by potentially upgrading mineral resources into the indicated category and allowing us to evaluate the conditions of the extensive underground workings, but, if successful, could add meaningful value to the deposit through the possible addition of vanadium resources not previously evaluated. CUR remains one of the few junior uranium companies actively advancing its projects through drilling and predevelopment activities. We believe this not only sets us apart from our peers but positions us as a potential first mover back into production providing investors with strong leverage to increasing uranium prices."

Tony M 2023 work program

The 2023 drilling program will include up to 59 vertical drill holes, totalling approximately 38,000 feet across the Tony M deposit.

The 2023 drilling program aims to collect assay data for vanadium which, along with similar vanadium assay data derived from the company's 2022 drilling program and a planned underground sampling program, is expected to provide a more thorough understanding of the distribution of vanadium in the Tony M deposit, provide an assessment of the relationship between the distribution of uranium and vanadium, and provide the basis for development of a model of the vanadium mineralization at Tony M.

Prior owners of Tony M did not assay for vanadium and, other than information on the occurrences of vanadium mineralization carried out by the United States Geological Survey in 19901, there has been very little study of V2O5 in Tony M until Consolidated Uranium's 2022 confirmation drilling program. The design of the 2023 drilling program was carried out by Consolidated Uranium's technical consultants and in within the context of recommendations made by SLR and Mark Mathisen, the qualified person who prepared the technical report on Tony M. Mr. Mathisen and the team from SLR had identified what may be an inverse relationship between the uranium and vanadium grades at Tony M, as such, much of the work will be focused on lower-grade uranium targets.

In addition to drilling, the company is working toward reopening of Tony M for an underground sampling program. The company has contracted RME Consulting, a leading international technical underground mining ventilation and refrigeration design firm, to oversee the design and implementation of the ventilation plan and Call & Nicholas Inc., an international mining consulting firm that specializes in geological engineering, geotechnical engineering and hydrogeology, to review the ground conditions. This will allow the company to more easily access mineralization for sampling and observe mineralization in place.

Drilling will be carried out by an independent drilling contractor and all of the drill holes will utilize the conventional open-hole rotary drill method. The entire interval of the Salt Wash Sandstone member will be cored and core samples will be submitted to American Assay Laboratories of Sparks, Nev., for assaying of uranium and vanadium. All of the drill holes will be logged (probed) with a surface recording geophysical logging instrument that will collect natural gamma-ray, self-potential and resistivity data. The geophysical instrumentation will be calibrated at the U.S. Department of Energy's test pits in Grand Junction, Colo., prior to the commencement of the drilling program, and again at the conclusion of drilling. Selected drill holes will also be logged by an independent geophysical contractor as a further check of the accuracy of logging results. Core samples will be scanned with a hand-held scintillometer to measure radioactivity in the core and will be scanned with a portable X-ray fluorescence analyzer to determine zones of vanadium mineralization prior to collecting samples to be assayed. All sample submissions will include certified reference materials and barren samples for quality control and quality assurance, as checks on the assaying program.

About the Tony M mine

Tony M is located in eastern Garfield county, southeastern Utah, approximately 66 air miles (107 kilometres) west-northwest of the town of Blanding and 215 miles (347 kilometres) south-southeast of Salt Lake City. The project is the site of the Tony M underground uranium mine that was developed by Plateau Resources, a subsidiary of Consumer' Power Company, in the mid-1970s. Uranium and vanadium mineralization at the Tony M mine is hosted in sandstone units of the Salt Wash Member of the Jurassic age Morrison formation, one of the principal hosts for uranium deposits in the Colorado Plateau region of Utah and Colorado.

Qualified person

The scientific and technical information contained in this news release was reviewed and approved by Dean T. Wilton, PG, CPG, MAIG, a consultant of 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.

We seek Safe Harbor.