Consolidated Uranium Inc. announce the completion of a confirmation drill program and a mineral resource estimate and supporting technical report prepared in accordance with NI 43-101 at the Company's 100%-owned Tony M mine. The Technical Report was prepared by the independent consulting firm SLR International Corporation and has been filed under the Company's profile on SEDAR. Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability.

While the estimate of Mineral Resources for the Tony M Mine is based on the SLR Qualified Person's judgment that there are reasonable prospects for eventual economic extraction, no assurance can be given that Mineral Resources will eventually convert to Mineral Reserves. As of the date hereof, there are no other known environmental, permitting, legal, social, or other factors that would affect the development of the Mineral Resources. The completion of Mineral Resource estimate on the Tony M Mine, located in eastern Garfield County, Utah USA, is based upon historical exploration drilling data collected by previous holders of the project, and confirmed by the results of a combined rotary and core confirmation drilling program carried out in May and June of 2022 by Consolidated Uranium.

The estimated Mineral Resources, which have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources are based upon data from 1,678 drill holes, totaling 947,610 feet of rotary and core drilling carried out by previous owners of Tony M and the Company. Uranium mineralization at the Tony M project is hosted in the lowermost 35 feet to 62 feet favorable sandstone portion of the Salt Wash Member, of the Jurassic age Morrison Formation, occurring as a series of generally flat lying bodies within one of three individual stratiform layers. The Tony M Mineral Resource estimate was prepared using a conventional block modeling methodology.

A digital geologic model of the lower Salt Wash was developed by SLR to constrain the Mineral Resource estimate. The Mineral Resource estimate used regularized block models, the inverse distance squared (ID2) grade interpolation methodology, and length-weighted, 1.0-foot, uncapped composites to estimate the uranium (eU3O8) in a three-search pass approach, using hard boundaries between subunits, ellipsoidal search ranges, and search ellipse orientation informed by geology. Average density values were assigned by lithological unit.

A comparison of the historical Mineral Resource estimate from June 27, 2012 (prepared for previous owner Energy Fuels Inc.) with the 2022 Mineral Resource estimate using a cut-off grade of 0.10% eU3O8 shows that Indicated Mineral Resources estimate tonnage increased by 0.19 million short tons and the grade decreased by 0.02% eU3O8, with a total increase of Indicated Mineral Resources of 0.08 million pounds of eU3O8. The Inferred Mineral Resource estimate tonnage decreased by 0.17 million short tons and the grade increased by 0.05% eU3O8 with the difference in Inferred Mineral Resources totaling 0.25 million pounds of eU3O8. The small differences between the estimates are primarily attributed to: A change in Mineral Resource estimation methodology from Grade-Thickness contouring to 3D block modelling.

Block modelling tends to overestimate tons while under estimating grade due to smoothing during the grade estimation process, if not properly controlled. Modifications to the 2012 0.01% grade contour used to control horizontal extension of mineralization to allow for more accurate prediction of grade continuity during the block modelling process. Based on limited drilling intercepts, portions of the ML (middle lower) mineralized zone were downgraded from Inferred classification and removed from the Mineral Resource Estimate.

Increase in past production depletion from 177,000 short tons to 258,000 short tons, based on SLR's 2022 reconciliation of past production records. Assay data from the CUR 2022 confirmation drilling program also highlighted the presence of vanadium mineralization. Results from the eight holes appear to indicate an inverse relationship between the vanadium to the uranium oxide grade, where the higher-grade vanadium is generally associated with the lower grade uranium mineralization.

SLR notes the 2022 V2O5/U3O8 ratio ranges from an average of 1:1 to greater than 17:1 in places and results are comparable with historic reported ratios. With the additional new 2022 vanadium assay data collected by CUR, SLR revisited the vanadium potential using a regression analysis curve at Tony M and found the 2022 V2O5/U3O8 ratio of approximately 3:1 is inline with historic reported ranges and much higher than the previously accepted ratio of 1.66:1 for the composite bulk samples collected over the period from October 1982 to January 1984. SLR opines the use of a vanadium regression curve and equation is an appropriate way to estimate vanadium resource potential in the future, however, the small sample size of the 2022 drilling vanadium values prevents construction of a reliable and accurate vanadium block model or Mineral Resource estimate until more data is collected to improve confidence and understanding of the vanadium distribution on the property.

SLR has recommended the following work to advance the Tony M Mine to the next stage: Carry out exploration drilling and vanadium sampling: drill approximately 75 holes to better define the distribution of vanadium mineralization, to increase U3O8 resources, and increase Inferred Mineral Resource to the Indicated classification. Access the underground workings at the mine for the purpose of mapping and sampling for vanadium. Prepare a PEA for the project, incorporating the results of the proposed uranium and vanadium surface drilling programs, and the results derived from the underground sampling program for vanadium.

The surface rotary and core drilling program was designed to confirm the results of previous drilling carried out by Plateau Resources, who were the original discoverers and developers of the Tony M Mine. The 2022 CUR drilling program was designed to confirm the stratigraphic position of uranium mineralization, the relative thicknesses of mineralized intervals, and the range of uranium grades that were encountered in the historical drill holes. The drill program was comprised of eight combined conventional rotary and core holes with vertical orientation, totaling 2,894 feet.

Core samples from the CUR drilling were assayed for uranium and vanadium, although a very limited amount of historical data exists for vanadium. The program successfully verified the historic drill results as accurate and true for resource estimation. CUR's eight holes were drilled with a tri-cone rotary method (“conventional open-hole”) to the top of the lower rim of the Salt Wash sandstone unit, approximately 400 feet from surface.