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    CUR   CA21024C1014

CONSOLIDATED URANIUM INC.

(CUR)
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Consolidated Uranium : August 19, 2021 Consolidated Uranium Closes the Acquisition of the High-Grade Matoush Uranium Project in Quebec, Canada

08/19/2021 EST

Consolidated Uranium Closes the Acquisi4on of the High-

Grade Matoush Uranium Project in Quebec, Canada

Toronto, ON August 19, 2021 - Consolidated Uranium Inc. ("CUR", the "Company" or "Consolidated Uranium") (TSXV: CUR) (OTCQB: CURUF) is pleased to announce that it has closed the previously announced acquisiNon (the "Acquisi4on") of a 100% undivided interest in the high-grade Matoush Uranium Project ("Matoush" or the "Property") located in the Province of Quebec, Canada.

Key Points:

  • High-Gradeand Substan4al Historic Resources - Based on a press release issued by Strateco Resources Inc. ("Strateco") on December 7, 2012, Matoush was considered to have the following historical Mineral Resources:
  1. Indicated Mineral Resources of 586,000 t at an average grade of 0.954% containing 12.329 m lbs of U3O8
  1. Inferred Mineral Resources of 1,686,000 t at an average grade of 0.442% containing 16.44 m lbs of U3O8
    1. This historical esNmate is considered to be a "historical esNmate" under NaNonal Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is not considered by the Company to be current. See below under the heading "Global Historical Mineral Resource Table".
  • Advanced Stage Project - An Updated Preliminary Economic Assessment on the Property was published in April of 2010 which contemplated access via a ramp decline, mining using longhole methods followed by cemented rock fill (CRF).
  • Good Explora4on Poten4al - The Matoush Fault Zone, the structure that controls the mineralizaNon, has been idenNfied over a strike length extending 11km southward and 5km northward beyond the historic resource area. In addiNon, many of the zones of mineralizaNon within the historic Mineral Resources are open along strike and down plunge.
  • Proven Mining Jurisdic4on with Uranium Endowment - Quebec ranks highly as a mining jurisdicNon and has seen significant past expenditures on uranium exploraNon by both major and junior mining companies.
  • Compelling Acquisi4on Structure - Deferred cash and share based consideraNon offers potenNal to reduce the ulNmate total purchase price equity diluNon.

LEGAL*53818705.3

Philip Williams, CEO commented "We are very pleased to close this acquisiNon which adds another high- grade, advanced stage project, in a top ranked mining jurisdicNon, to our global project poriolio. As highlighted when we iniNally announced the acquisiNon, we look forward to bringing a fresh perspecNve to development of the project with a focus on engagement with the local indigenous stakeholders before undertaking any project level acNvity. Our recently announced acquisiNon and strategic alliance with Energy Fuels partners us with a leading US uranium miner that boasts an exemplary track record of safe uranium mining and milling that we expect will serve as a model for the potenNal advancement of the Matoush project."

Terms of the Share Purchase Agreement

In accordance with the terms of the share pursuant agreement entered into with respect to the AcquisiNon (the "Agreement"), CUR has acquired all of the shares of a special purpose vehicle (the "SPV") that holds a 100% undivided interest in the Property. The SPV, which was an indirect wholly- owned subsidiary of certain funds managed or advised by Third Eye Capital CorporaNon or its affiliates, acquired the Property free and clear of any encumbrances pursuant to an approval and vesNng order granted by the Quebec Superior Court dated April 30, 2021.

As upfront payment for the Property, the Company has paid consideraNon comprised of $3,500,000 in cash and issued 2,000,000 common shares in the capital of the Company ("Shares") with an aggregate value of $3,700,000 at a deemed price of $1.85 per Share which was calculated based on the 20-day VWAP of the Shares on the TSX Venture Exchange (the "TSXV") up to August 17, 2021. Pursuant to the Agreement, further deferred payment is due on or before the six-month anniversary of closing of the transacNon comprised of $1,500,000 in cash and such number of Shares with a value of $2,000,000 at a price per Share based on the 20-day VWAP of the Shares on the TSXV up to the date prior to the deferred payment. Following the issuance of the Shares pursuant to the AcquisiNon, the Company now has 46,481,387 Shares issued and outstanding.

All securiNes issued in connecNon with the AcquisiNon are subject to final approval of the TSXV and a hold period expiring four months and one day from the date of issuance.

Historic Mineral Resources

Roscoe Postle Associates Inc. ("RPA"), an independent consulNng company, prepared a technical report on the Property in accordance with the disclosure standards of NI 43-101 enNtled "Technical Report on the Mineral Resource Update for the Matoush Project, Central Québec, Canada" dated February 12, 2012. The Mineral Resource esNmate was further updated by RPA in December 2012, as disclosed in a press release of Strateco dated December 7, 2012 (the "Historic Es4mate") and is considered to be a "historical esNmate" under NI 43-101 and is not considered by the Company to be current. See below under the heading "Technical Disclosure and Qualified Person".

The Historic EsNmate was reported to be contained within six zones: AM-15,MT-22,MT-34,MT-02,MT-06, and MT-36 as shown in the following table.

LEGAL*53818705.3

Category

Tonnes

Grade

Contained

(000 t)

U3O8

U3O8

(%)

(m lbs)

Indicated

AM-15

269

0.710

4,205

MT-22

73

1.160

1,866

MT-34

245

1.160

6,257

Total Indicated

586

0.954

12,329

Inferred

AM-15

95

0.217

456

MT-02

69

0.270

413

MT-06

195

0.181

777

MT-22

717

0.539

8,517

MT-34

414

0.564

5,148

MT-36

196

0.262

1,127

Total Inferred

1,686

0.442

16,440

Notes:

  1. CIM definiNons were followed for the Historic EsNmate.
  2. The Historic EsNmate was esNmated at a cut-off grade of 0.1% U3O8.
  3. The Historic EsNmate was esNmated using an average long-term uranium price of US$75 per pound.
  4. A minimum mining width of 1.5 m was used.
  5. The MT34A lens is within both the MT-34 and AM-15 zones.
  6. Numbers may not add due to rounding.

Technical Disclosure and Qualified Person

The scienNfic and technical informaNon contained in this news release was reviewed and supervised by Peter Mullens (FAusIMM), CUR's VP Business Development, who is a "Qualified Person" (as defined in NI 43-101).

The Historic EsNmate was prepared by RPA using block U3O8 grades within a wireframe model that were esNmated by ordinary kriging. The Historic EsNmate was esNmated at a cut-off grade of 0.1% U3O8 and using an average long-term uranium price of US$75 per pound. Six zones make up the Historical EsNmate at Matoush: AM-15,MT-34,MT-22,MT-02,MT-06, and MT-36. Each zone is made up of one or more lenses, most of which strike north (009°) and dip steeply (87°) to the east. Outlines of the mineralized lenses were interpreted on ten-metre spaced verNcal secNons. Minimum criteria of 0.10% U3O8 over 1.5 m true thickness was used as a guide. The Company would need to conduct an exploraNon program, including twinning of historical drill holes in order to verify the Historical EsNmate as a current Mineral Resource.

About Consolidated Uranium Inc.

LEGAL*53818705.3

Consolidated Uranium Inc. (TSXV: CUR) (OTCQB: CURUF) was created in early 2020 to capitalize on an anNcipated uranium market resurgence using the proven model of diversified project consolidaNon. To date, the company has acquired or has the right to acquire uranium projects in Australia, Canada, ArgenNna and the United States each with significant past expenditures and aoracNve characterisNcs for development. Most recently, the Company entered a transformaNonal strategic acquisiNon agreement and alliance with Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company, to acquire a poriolio of permioed, past-producing convenNonal uranium and vanadium mines in the Utah and Colorado. These mines are currently on stand-by, ready for rapid restart as market condiNons permit, posiNoning CUR as a near-term uranium producer.

Philip Williams

President and CEO

+1 778 383 3057 pwilliams@consolidateduranium.com

Neither TSX Venture Exchange nor its RegulaNons Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cau4onary Statement Regarding Forward-Looking Informa4on.

This news release contains "forward-looking informa"Forward-looking informa<>forward-looking informaforward-looking informa<>forward-looking informaforward-looking statements are considered reasonable by management at the

Forward-looking informaforward-looking informa<>

Although the Company has aQempted to idenforward-looking informaforward-looking informa

LEGAL*53818705.3

intended. There can be no assurance that forward-looking informaforward-looking statements or informaforward-looking informa

LEGAL*53818705.3

Disclaimer

Consolidated Uranium Inc. published this content on 19 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2021 11:21:04 UTC.


© Publicnow 2021
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Sales 2020 - - -
Net income 2020 -2,06 M -1,61 M -1,61 M
Net cash 2020 10,2 M 7,98 M 7,98 M
P/E ratio 2020 -8,79x
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Philip Williams Chairman, President & Chief Executive Officer
Gregory F. Duras Chief Financial Officer
Anthony D. Milewski Director
John W. Jentz Lead Director
Mark Raguz Director & Vice President-Business Development
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