Mr. Philip Williams reports

CONSOLIDATED URANIUM COMPLETES INITIAL PHASE OF DRILLING AT TONY M MINE

Consolidated Uranium Inc. has completed the initial phase of drilling at its 100-per-cent-owned Tony M uranium mine in southeastern Utah, as previously announced in a news release dated June 28, 2023. 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 previously produced nearly one million pounds of U3O8 during two different periods of operation from 1979 to 1984 and from 2007 to 2008.

The company has completed 21 of the up to 59 proposed combined conventional rotary and core holes, for approximately 16,240 feet of drilling. The 2023 program is designed to increase the density of drill holes, in order to upgrade inferred mineral resources (as determined by the SLR International Corp. in its 2022 technical report on the Tony M project) to the indicated mineral resource category and develop a detailed understanding of the distribution of vanadium mineralization in the deposit. Historically, there has been very little investigation of the vanadium potential at Tony M. Consolidated Uranium's confirmation drill program in 2022 showed V2O5/U3O8 ratio ranges from an average of 1:1 to greater than 17:1 at various localities that within the mine area (see press release dated Dec. 13, 2022).

The drill core recovered from this phase of drilling has been split, logged and sampled, and the samples have been submitted to American Assay Labs in Reno for analytical determination of uranium and vanadium concentrations. Results are pending and will be detailed in a future news release. Results obtained from the first phase of 2023 drilling will be utilized to prioritize additional drilling at the project and are expected to guide technical studies including a preliminary economic assessment.

The company is continuing to advance plans to reopen the underground mine workings in preparation for a potential restart of Tony M. This work program includes updating mine ventilation and escape plans, maintenance of the existing ventilation fans, surveying of the underground mine workings, rehabilitation of mine workings and ground support, and upgrading of utilities.

About 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's Power Company, in the mid-1970s. Uranium and vanadium mineralization at Tony M 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.

Tony M has been estimated to contain the mineral resources as shown in the attached table,.

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.

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 Uninted 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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