Consolidated Uranium Inc. announced the commencement of comprehensive work programs at CUR’s 100%-owned Tony M Mine (Tony M) in southeastern Utah. Tony M is one of three past producing uranium mines in Utah owned by CUR, and is a large-scale, fully developed and permitted underground mine that produced nearly one million pounds of U3O8 during two different periods of operation from 1979-1984 and from 2007-2008. The work programs being initiated follow key recommendations highlighted by SLR International Corporation (SLR) in a technical report entitled Technical Report on the Tony M Project, Utah, USA dated effective September 9, 2022 (the Technical Report).

Highlights of the Work Programs · Defining the Vanadium Potential of the Tony M Deposit – CUR has commenced an up to 59-hole infill drill program from surface totalling 38,000 feet along with an underground sampling program designed to collect detailed information on the distribution and grades of vanadium mineralization from both the drill program and underground sampling programs with the ultimate aim of calculating a vanadium mineral resource. Historically, there has been very little investigation of the vanadium potential at Tony M. CUR’s confirmation drill program in 2022 showed V2O5/U3O8 ratio ranges from an average of 1:1 to greater than 17:1 in places. The 2023 program is based on the recommendations highlighted in the Technical Report.

· Delineation Drilling to Upgrade Inferred Resources – The drilling may also have the added benefit of potentially allowing for an upgrade of a portion of the currently estimated Inferred mineral resources to the indicated category. The Mineral Resource estimate for Tony M as of September 9, 2022, as reported in the Technical Report, is based upon a commodity price of USD 65.00 per pound of U3O8, and a cut-off grade of 0.14% eU3O8 includes: · Indicated Mineral Resource of 1,185,000 tons grading 0.28% eU3O8 for 6.6 million pounds contained uranium; and · Inferred Mineral Resource of 404,000 tons grading 0.27% eU3O8 for 2.2 million pounds contained uranium. · See below for further details.

· Reopening of the Underground for Sampling and Mine Preparation – Once the Tony M portal has been opened, an extensive sampling program is expected to be undertaken for both uranium and vanadium. Consultants have been retained to oversee the design and implementation of the ventilation plan and assess ground conditions. This program is a key step toward the ultimate restart of the mine.

· Next Step, Completion of a Preliminary Economic Assessment – A further key recommendation of the Technical Report was the completion of a Preliminary Economic Assessment for Tony M. Results from both the surface and underground programs, including an updated Mineral Resource estimate, are expected to form the basis for this assessment which could be completed prior to the end of the year. The 2023 drilling program will include up to 59 vertical drill holes, totaling approximately 38,000 feet across the Tony M deposit. The 2023 drilling program aims to collect assay data for vanadium which, along with similar vanadium assay data derived from the Company’s 2022 drilling program and a planned underground sampling program, is expected to provide a more thorough understanding of the distribution of vanadium in the Tony M deposit, provide an assessment of the relationship between the distribution of uranium and vanadium and provide the basis for development of a model of the vanadium mineralization at Tony M Prior owners of Tony M did not assay for vanadium and, other than information on the occurrences of vanadium mineralization carried out by the US Geological Survey in 19901, there has been very little study of V2O5 in Tony M until Consolidated Uranium’s 2022 confirmation drilling program.

The design of the 2023 drilling program was carried out by CUR’s technical consultants and in within the context of recommendations made by SLR and Mark Mathisen, the Qualified Person who prepared the Technical Report on Tony M. Mr. Mathisen and the team from SLR had identified what may be an inverse relationship between the uranium and vanadium grades at Tony M, as such much of the work will be focused on lower grade uranium targets. In addition to drilling, the Company is working towards re-opening of Tony M for an underground sampling program. The Company has contracted MYR E Consulting, a leading international technical underground mining ventilation and refrigeration design firm, to oversee the design and implementation of the ventilation plan and Call & Nicholas Inc. an international mining consulting firm that specializes in geological engineering, geotechnical engineering, and hydrogeology to review the ground conditions.

This will allow the Company to more easily access mineralization for sampling and observe mineralization in place. Drilling will be carried out by an independent drilling contractor, and all of the drill holes will utilize the conventional open hole rotary drill method. The entire interval of the Salt Wash Sandstone member will be cored, and core samples will be submitted to American Assay Laboratories of Sparks, Nevada for assaying of uranium and vanadium.

All of the drill holes will be logged (probed) with a surface recording geophysical logging instrument that will collect natural gamma-ray, self-potential and resistivity data. The geophysical instrumentation will be calibrated at the US Department of Energy’s test pits in Grand Junction, Colorado prior to the commencement of the drilling program, and again at the conclusion of drilling. Selected drill holes will also be logged by an independent geophysical contractor as a further check of the accuracy of logging results.

Core samples will be scanned with a hand-held scintillometer to measure radioactivity in the core and will be scanned w ith a portable X-ray fluorescence analyzer to determine zones of vanadium mineralization prior to collecting samples to be assayed. All sample submissions will include certified reference materials (standards) and barren samples (blanks) for quality control and quality assurance, as checks on the assaying program.