Consolidated Uranium : Corporate Presentation

NOVEMBER 2022

Global Uranium Developer with Focus on Near Term Production in the U.S.

consolidateduranium.com

TSXV:CUR OTCQB:CURUF

Disclaimer	2

INFORMATION CONTAINED IN THIS PRESENTATION

This presentation (the "presentation") has been prepared by Consolidated Uranium Inc. ("Consolidated Uranium", "CUR" or the "Company") solely for informational purposes. None of CUR, its affiliates or any of their respective employees, directors, officers, contractors, advisors, members, successors, representatives, or agents makes any representation or warranty as to the accuracy or completeness of any information contained in this presentation and shall have no liability for any representations (expressed or implied) contained in, or for any omissions from, this presentation. This presentation shall not constitute an offer, nor a solicitation of an offer, of the sale or purchase of securities. This presentation does not constitute an offering of securities of CUR and under no circumstances is it to be construed as a prospectus or advertisement or public offering of securities.

No securities regulatory authority or similar authority has reviewed or in any way passed comment upon the document or the merits of the company's securities and any representation to the contrary is an offence. Except where otherwise indicated, the information contained in this presentation has been prepared by consolidated uranium and is given as of the date hereof. The delivery of this presentation shall not imply that the information herein is correct as of any date after the date hereof.

All estimates in this presentation are "historical estimates" and are not considered current by the Company in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). See appendix for additional details.

MARKET AND INDUSTRY DATA

This presentation includes market and industry data that has been obtained from third party sources, including industry publications. CUR believes that the industry data is accurate and that the estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, CUR has not independently verified any of the data from third party sources referred to in this presentation. References in this presentation to reports and publications should not be construed as depicting the complete findings of the entire referenced report or publication. CUR does not make any representation as to the accuracy of such information.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This presentation contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward- looking information includes, but is not limited to, information with respect to the Company's strategy, plans or future financial or operating performance, and advancements at the Company's properties; any expectations with respect to defining mineral resources or mineral reserves on any of the Company's projects; any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production; any expectation that any of the projects can be brought back into production rapidly or expeditiously; any expectations as to future exploration potential for any of the projects; any expectation as to the outcome or success of any proposed programs for any of the projects; any expectation that market conditions will warrant future production from any of the projects; the timing and outcome of the Proposed Transaction (as defined herein), including required shareholder, regulatory, court and stock exchange approvals; the anticipated benefits of the Proposed Transaction to the parties and their respective shareholders; anticipated strategic and growth opportunities; the state and local support for the Coles Hill project; the demand for uranium, the prospects of the Coles Hill project; the anticipated timing of completion of the Proposed Transaction; the expected use of proceeds of the concurrent private placement; the expected timing for closing of the concurrent private placement and the ability to obtain the necessary regulatory approvals in regards thereto. Generally, but not always, forward looking information and statements can be identified

by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or statement that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION CONTINUED

Forward-looking information is based on CUR's current expectations, beliefs, assumptions, estimates and forecasts about the company's business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, assumptions regarding the combined company following completion of the Proposed Transaction; that the anticipated benefits of the Proposed Transaction will be realized; that the historical mineral resource estimate for any of the projects can be converted into a current mineral resource estimate; completion of the Proposed Transaction, including receipt of required shareholder, regulatory, court and stock exchange approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Transaction; other expectations and assumptions concerning the Proposed Transaction; receipt of required regulatory approvals with respect to the concurrent private placement being obtained in a timely manner; that general business and economic conditions will not change in a material adverse manner; that financing will be available if and when needed and on reasonable terms; and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of CUR to differ materially from any projections of results, performances and achievements of CUR expressed or implied by such forward-looking information or statements. These factors include the failure to obtain shareholder, regulatory, court or stock exchange approvals in connection with the Proposed Transaction; the failure to obtain the required regulatory approvals with respect to the concurrent private placement; failure to complete the Proposed Transaction; failure to realize the anticipated benefits of the Proposed Transaction or implement the business plan for the combined company; negative operating cash flow and dependence on third party financing; uncertainty of additional financing; risks that historical mineral estimates can be updated and be verified to be current mineral resources or mineral reserves; reliance on key management and other personnel; potential downturns in economic conditions; the costs associated with bringing any of the projects into production; actual results of exploration activities being different than anticipated; competition from others; market factors, including future demand for and prices realized from the sale of uranium and vanadium; government actions that could restrict or eliminate the ability to mine on public lands, such as through the creation or expansion of national monuments or through mineral withdrawals; the policies and actions of foreign governments, which could impact the competitive supply of and global markets for uranium and vanadium; the company's expectations in connection with the production and exploration, development and expansion plans at the projects discussed herein being met; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration or laws, policies and practices; the impact of general business and economic conditions; fluctuating metal prices; currency exchange rates; the impact of inflation; general risks of the mining industry; failure of plant, equipment or processes to operate as anticipated; unanticipated results of future studies; seasonality and unanticipated weather changes; success of exploration activities, permitting timelines, government regulation; environmental risks; unanticipated reclamation expenses; title disputes or claims; as well as those risk factors discussed or referred to herein in the Company's filings made with the securities regulatory authorities including CUR's annual information form in respect of the year ended December 31, 2021 available under the company's profile on SEDAR at www.SEDAR.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

The footnotes, endnotes and appendices to this presentation contain important information.

Global Uranium Developer with Near Term US Production Potential	3

Aggressive acquirer adding 18 projects since early-2020

THE RIGHT STRATEGY

THE RIGHT TEAM

THE RIGHT ASSETS

• Uranium has emerged from +10 year bear market.
• Consolidation strategy generated outsized returns in the previous bull market.
• Focused on project advancement and growth through acquisitions.

• Founded by leaders behind NexGen Energy (TSX:NXE/ NYSE:NXE) and Mega Uranium (TSX:MGA).
• Management and board experienced in uranium project evaluation, acquisition and development.

• Diversified portfolio across geography, stage of development and deposit type.
• All assets in top uranium and/or mining jurisdictions.
• U.S. projects positioned for rapid restart with work programs underway.

Fully funded to execute and outperform

in current uranium bull market

Transaction Highlights	4

CONTINUING THE

CONSOLIDATION

STRATEGY

1. ACQUISITION OF COLES HILL ADDS THE LARGEST UNDEVELOPED URANIUM ASSET IN THE U.S. TO A GLOBAL URANIUM PORTFOLIO

1. ACCRETIVE TRANSACTION ON MULTIPLE METRICS

1. BUILDS ON TRACK RECORD OF SUCCESSFUL M&A AND SOLIDIFIES STATUS AS ONE OF THE FASTEST GROWING URANIUM DEVELOPERS

1. STRONGLY POSITIONED AS EMERGING URANIUM DEVELOPER POISED FOR ENHANCED MARKET EXPOSURE

Transaction Summary	5

PROPOSED TRANSACTION CONSIDERATION

APPROVALS

SUPPORT

FINANCING

TIMING

• Acquisition by Consolidated Uranium Inc. ("CUR") of all the outstanding common shares of Virginia Energy Resources Inc. ("VUI") via plan of arrangement (the "Proposed Transaction")
• Exchange ratio of 0.26 common shares of CUR per VUI share
• Two-thirdsof votes cast by VUI shareholders present in person or by proxy
• A simple majority of votes cast by VUI shareholders present in person or by proxy, excluding related parties
• If required by the TSXV, a simple majority of votes cast by CUR shareholders present in person or by proxy
• All directors and officers of VUI as well as shareholders, including Energy Fuels
  Inc. (14.7%) and Mega Uranium Ltd. (3.5%) have entered lock-up agreements to vote in favour of the Proposed Transaction
• The Board of Directors of VUI to unanimously recommend that its shareholders vote in favour of the Proposed Transaction
• CUR to invest $1,000,000 in VUI at $0.50 per share to fund working capital, the lease extension payment and closing costs
• VUI shareholder meeting expected in Q1 2023 with closing expected shortly after the meeting