Mr. Philip Williams reports

CONSOLIDATED URANIUM RECEIVES SHAREHOLDER AND COURT APPROVAL FOR THE SPIN-OUT OF PREMIER AMERICAN URANIUM INC.

Consolidated Uranium Inc. has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the previously announced spinout of Premier American Uranium Inc. (PUR) through a plan of arrangement under the Business Corporations Act (Ontario).

Receipt of the final order follows Consolidated Uranium's annual and general special meeting of shareholders held on Aug. 3, 2023 (the meeting), where the spinout was overwhelmingly approved by 99 per cent of the votes cast by shareholders. All other matters put before the meeting were approved by shareholders, including the re-election of each of the director nominees, Philip Williams, Anthony Milewski, Mark Raguz, John Jentz and Mark Chalmers, reappointment of McGovern Hurley LLP, chartered professional accountants, as auditor of the company, and reapproval of the company's omnibus long-term incentive plan.

On May 24, 2023, Consolidated Uranium and PUR entered into an arrangement agreement pursuant to which the parties agreed to effect the proposed spinout of PUR, currently a majority-controlled subsidiary of Consolidated Uranium. If completed, the spinout will result in, among other things, Consolidated Uranium transferring ownership of certain indirect wholly owned subsidiaries which hold eight U.S. Department of Energy (DOE) leases and certain patented claims located in Colorado (the Consolidated Uranium assets) to PUR in exchange for 7,753,752 common shares of PUR, a portion of which will be distributed to the company's shareholders on a pro rata basis pursuant to the provisions of the plan of arrangement.

Consolidated Uranium shareholders must hold their Consolidated Uranium common shares until 12:01 a.m. (Toronto time) on the effective date of the spinout in order to receive their pro rata portion of the PUR shares being distributed pursuant to the spinout. Consolidated Uranium will disseminate a press release five business days in advance of the effective date once all of the conditions to closing of the spinout have been satisfied in accordance with the policies of the TSX Venture Exchange in order to notify Consolidated Uranium shareholders of the record date for purposes of the distribution pursuant to the spinout.

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.