Mr. Philip Williams reports

CONSOLIDATED URANIUM ANNOUNCES PRIVATE PLACEMENT BY PREMIER AMERICAN URANIUM INC. FOR PROCEEDS OF AT LEAST C$10.35 MILLION

Further to Consolidated Uranium Inc.'s press release on May 24, 2023, regarding the creation and planned spinout of Premier American Uranium Inc. (PUR), Consolidated has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner on behalf of a syndicate of investment dealers in connection with a fully marketed private placement of a minimum of 5.75 million subscription receipts of PUR at a price of $1.80 per subscription receipt for minimum gross proceeds of $10.35-million. The agents will have an option, exercisable in full or in part up to 48 hours prior to the closing of the PUR offering, to sell up to an additional 833,334 subscription receipts at the offering price for additional gross proceeds of up to $1,500,001. The PUR offering is expected to include lead orders of at least $2-million from each of Mega Uranium Ltd. and funds for which Sachem Cove Partners is the general partner.

Philip Williams, chairman and chief executive officer of Consolidated Uranium, commented: "We are thrilled to announce this financing for PUR cornerstoned by Sachem Cove and Mega Uranium, two of the most knowledgeable and credible investors in the uranium space today. They clearly see the potential in PUR that we see; an exciting portfolio of exploration and development projects in two key U.S. uranium mining jurisdictions, being the Great Divide basin of Wyoming and the Uravan mineral belt of Colorado, and a well-timed opportunity to participate in the resurgence of the U.S. nuclear fuel cycle. The funds raised are expected to be used to advance the current portfolio, including plans for a drill program at the Cyclone project and potential project acquisitions as PUR looks to expands its existing footprint and leverage its experienced technical team."

Each subscription receipt will entitle the holder thereof to automatically receive, upon satisfaction or waiver, as applicable, of certain escrow release conditions, one unit of PUR. Each unit shall comprise one common share of PUR and one-half of one common share purchase warrant of PUR. Each whole warrant will entitle the holder to purchase one common share of PUR at a price of $2.50 for a period of 36 months following the date of issuance of the warrants. The escrow release conditions include the satisfaction of all conditions precedent to the completion of the spinout as well as receipt of conditional approval for the listing of PUR's common shares on the TSX Venture Exchange.

The proceeds of the PUR offering, net of the reasonable out-of-pocket expenses of the agents, will be held in escrow and not released to PUR unless the escrow release conditions are satisfied by the deadline provided in the terms of the subscription receipt agreement that will govern the subscription receipts. If the escrow release conditions have not been satisfied on or prior to the escrow release deadline, the aggregate issue price of the subscription receipts (plus any interest earned thereon) will be returned to the holders (net of any applicable withholding taxes), and such subscription receipts will be automatically cancelled and be of no further force and effect.

Following the satisfaction or waiver, as applicable, of the escrow release conditions, the net proceeds of the PUR offering are expected to be used to finance the proposed exploration programs for PUR's projects located in the Great Divide basin of Wyoming and the Uravan mineral belt of Colorado as well as for working capital and general corporate purposes.

About Premier American Uranium Inc.

Premier American Uranium, a subsidiary of Consolidated Uranium, is focused on the consolidation, exploration and development of uranium projects in the United States. One of PUR's key strengths lies in the agreements it has to acquire extensive landholdings in two prominent uranium producing regions in the United States: the Great Divide basin of Wyoming and the Uravan mineral belt of Colorado. With a rich history of past production and historic uranium mineral resources, PUR is initiating work programs to advance its portfolio in 2023.

Backed by Sachem Cove Partners, Consolidated, Mega Uranium, additional institutional investors and an unparalleled team with U.S. uranium experience, PUR's entry into the market comes at a well-timed opportunity, as uranium fundamentals are currently the strongest they have been in a decade.

PUR intends to apply to list its shares on the TSX-V, cementing its position as a leading U.S. uranium player. Listing will be subject to PUR fulfilling all the requirements of the TSX-V.

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, Consolidated Uranium 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.

Consolidated Uranium completed a transformational strategic acquisition and alliance with Energy Fuels Inc., a leading United States-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.

We seek Safe Harbor.