Toronto, ON, September 6, 2022 ­ Consolidated Uranium Inc. announced that it has entered into a definitive share sale and purchase agreement (the "Agreement") dated September 5, 2022 with GlobalOreInvestments Pty Limited ("GOI") pursuant to whereby CUR has agreed to acquire (the "Acquisition") of from GOI all of the outstanding shares of Management X Pty Ltd. ("Management X"), a privately owned Australian exploration company which holds a 100% undivided interest in the West Newcastle Range, Teddy Mountain and Ardmore East Projects (the "Projects"). Pursuant to the Agreement, CUR will acquire 100% interest in the Projects for the following consideration: · $200,000 in cash upon granting of the West Newcastle Range, Teddy Mountain and Ardmore East exploration licences; and · 598,843 common shares in the capital of the Company ("CUR Shares") at a deemed price per share of $2.296. In addition, CUR has agreed to make two separate contingent payments of $500,000, payable in cash or Common Shares at CUR's election, should either of the following milestones being met within eight years: · the month-end Ux U3O8 price as published by UxC, LLC exceeds US$60/pound; and · a National Instrument 43-101 compliant mineral resources estimate for the West Newcastle Range and Teddy Mountain projects is prepared where the mineral resource estimate is greater than or equal to 6.0 Mlbs of U3O8, or with respect to the Ardmore East project the mineral resources estimate is greater than or equal to 3.0 Mlbs of U3O8 equivalent (U3O8 + V2O5 + REE-Y + P2O5).

Any Common Shares issued in connection with the Acquisition are subject To Approve the TSX Venture Exchange (the "TSXV") and will be subject to a hold period expiring four months and one day from the date of issuance. The West Newcastle Range project is an advanced stage exploration project located five kilometres northeast of Georgetown and approximately 40 kilometres southeast of the Georgetown uranium project. The West Newcastle Range exploration licence application consists of 78 sub-blocks covering a total area of 25,500 hectares (255 km2).

Extensive uranium exploration has been carried out between 1973 and 1983, including airborne and ground based radiometrics, VLF-EM, rockchip and stream geochemical sampling, geological mapping and over 36,000 metres drilled over various uranium prospects. In today's dollar terms, this level of inground exploration is estimated to cost in excess of CAD$20 million. The West Newcastle Range Project comprises five main uranium prospects.

The Two Gee, Gecko, Trident, and Sybnac Prospects form an approximately 5 km long structurally controlled trend on the northeast edge of an interpreted caldera margin. The Quartz Blow prospect is part of an additional 5 km long northeast oriented trend. Multiple other prospects occur on the project, with uranium intersected in drilling and encountered in surface samples.

Untested outcropping mineralization is evident in the historic geophysical and geochemical datasets and the caldera volcano-sedimentary infill sequence is expected to be a prime target for large-scale, high-grade concealed mineralization as observed elsewhere in the world. World-class examples of caldera related volcanic Uranium deposits include the Streltsovsk district in Russia comprising >600 Mlbs U3O81 and the Dornod district in Mongolia >100 Mlbs U3O82. Other examples include the Xiangshan district (China), the Macusani district (Peru), the Kurisková and Novoveská Huta deposits (Slovakia) and the deposits of the McDermitt caldera (USA).

Often the high-grade uranium mineralization within caldera systems is concealed and manifests a lower grade structurally hosted mineralization at surface. The Teddy Mountain Project is located approximately 230 kilometres west of Townsville and 180 kilometres west of the Ben Lomond Uranium-Molybdenum project that contains historic mineral resources. Teddy Mountain comprises 100 sub-blocks covering a total area of 32,500 hectares (325 km2).

Precious metal, base metal and uranium exploration activities were carried out from 1969 to 1983 and from 2008 to 2017. The Teddy Mountain Project is underexplored for uranium with exploration to date limited to 30 shallow drill holes totaling approximately 3,000 metres drilled mostly during the late 1970's early 1980's with 12 holes in 2009. Many historic drill holes failed to reach target depths due to drilling issues, and both the surface defined, and drill-intercepted mineralization remains open.

Selected drilling intercepts calculated using a 300 ppm U3O8 cut off and 1 m maximum internal dilution include: TED-A1: 10.0 m @ 6,266 ppm U3O8 inc. 2.0 m @ 1.8% U3O8 from 12.0 m, CLEP-9: 5.0 m @ 442 ppm U3O8 from 43.0 m and PWRC09: 13.0 m @ 187 ppm U3O8nc. 6.0 m @303 ppm U3O8 from 6.0 m. The highest priority uranium prospects are the Teddy Group, comprising Pamplemousse, Hat 10, Teddy North, Teddy Mount, Hat 1&2 prospects and the Big Hoy North & South prospects. All six prospects of the Teddy Group are aligned along a northeast trending structural corridor splaying off the east-northeast trending Teddy Mount Fault a major crustal scale structure.

Initial exploration in the late 1970's by Minatome following up airborne gamma radiometric anomalies defined a 171 m dozer cut bench with visible uranium mineralization with fourteen rock chip grab samples were collected, assaying up to 1.1% U3O8. Two historical specimen samples from surface mineralization at the Teddy North prospect of nodules of boltwoodite contained 45.4% U3O8 and 79.0% U3O8 respectively. Untested outcropping mineralization is evident in the historic geophysical and geochemical datasets, drilling has not closed off mineralization at depth.

Modern systematic exploration has been limited to known zones of mineralization. Mineralization is focussed along structure and at the base of impermeable cap rocks and conceptual potential exists for further high-grade mineralization to be discovered at depth.