Mr. Philip Williams reports

CONSOLIDATED URANIUM ANNOUNCES RECEIPT OF FINAL ORDER FOR ARRANGEMENT WITH ISOENERGY

The Ontario Superior Court of Justice has granted the final order in connection with the previously announced plan of arrangement under the Business Corporations Act (Ontario), pursuant to which, among other things, Isoenergy Ltd. will acquire all of the issued and outstanding common shares of Consolidated Uranium not already held by Isoenergy or its affiliates in exchange for 0.500 of a common share of Isoenergy for each Consolidated Uranium share held. As previously announced, the arrangement was approved by the company's shareholders at a special meeting held on Nov. 28, 2023. The company has received written notice from the committee on foreign investment in the United States that it has concluded its review of the arrangement and determined that there are no unresolved national security concerns with respect to the arrangement. Closing of the arrangement remains subject to satisfaction of certain customary closing conditions, including stock exchange and regulatory approvals. Subject to the satisfaction of these closing conditions, the parties currently expect to complete the arrangement on or around Dec. 5, 2023.

Further details regarding the arrangement, including the principal closing conditions and the anticipated benefits for shareholders, can be found in the company's management proxy circular dated Oct. 23, 2023, in respect of the meeting, which can be found under the company's SEDAR+ profile.

Ben Lomond option agreement

Under the terms of the option agreement between the company and Mega Uranium Ltd. dated May 14, 2020, as amended, pursuant to which the company acquired the Ben Lomond project in Australia, Mega is entitled to receive certain payments contingent upon the attainment of certain milestones tied to the spot price of uranium. As the Ux U3O8 (triuranium octoxide) monthly average price exceeded $75 (U.S.) per pound, Mega is entitled receive payment of an additional $800,000, payable in Consolidated Uranium shares at the election of Consolidated Uranium. As a result of the pricing threshold having been met, Consolidated Uranium intends to deliver to Mega aggregate consideration of $800,000 to be satisfied by the issuance of 400,000 common shares at a deemed price of $2 per share, being the volume-weighted average price of the Consolidated Uranium shares for the five-day period ended Nov. 27, 2023, being the day on which the pricing threshold was achieved. All Consolidated Uranium shares issued pursuant to the option agreement are subject to final approval of the TSX Venture Exchange and will be subject to a hold period expiring four months and one day from the applicable date of issuance.

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 U.S.-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.

We seek Safe Harbor.