Mr. Philip Williams reports

CONSOLIDATED URANIUM ANNOUNCES CLOSING OF PRIVATE PLACEMENT BY PREMIER AMERICAN URANIUM INC.

Further to Consolidated Uranium Inc.'s press release on May 24, 2023, regarding the creation and planned spinout of Premier American Uranium Inc. (PUR), PUR has completed its previously announced fully marketed private placement for gross proceeds of $6,938,136 from the sale of 4,625,424 subscription receipts of PUR at a price of $1.50 per subscription receipt. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents including PI Financial Corp.

Each subscription receipt entitles the holder thereof to automatically receive, upon satisfaction or waiver, as applicable, of certain escrow release conditions, one unit of PUR. Each unit will be composed of 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 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 agents have an option, exercisable in whole or in part within 30 days of the date of closing of the PUR offering, to offer for sale up to an additional 2,333,334 subscription receipts at the offering price for additional gross proceeds of up to $3.5-million.

The proceeds of the PUR offering, net of the cash commission payable to the agents and 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 on or before Dec. 22, 2023 (the date of satisfaction or waiver, as applicable, of the escrow release conditions). Following the satisfaction 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.

In addition, PUR issued 174,343 broker warrants to the agents. Each broker warrant entitles the holder to purchase one common share of PUR at the offering price for a period of 36 months following the closing of the PUR offering.

About Consolidated Uranium Inc.

Consolidated Uranium (TSX Venture Exchange: CUR) (OTCQX: CURUF) 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 CUR as a near-term uranium producer.

We seek Safe Harbor.