Mr. Philip Williams reports

CONSOLIDATED URANIUM COMPLETES THE ACQUISITION OF THE BEN LOMOND URANIUM PROJECT IN QUEENSLAND, AUSTRALIA

Consolidated Uranium Inc. has provided the following update on the option agreement with Mega Uranium Ltd. that was previously announced on May 14, 2020, as amended, providing Consolidated Uranium with the option to acquire a 100-per-cent undivided interest in the Ben Lomond and Georgetown uranium projects in Australia.

The company has completed the acquisition of the Ben Lomond project for consideration comprising $2.5-million in connection with the exercise of the option and an additional $535,000 in connection with the spot price contingent payment terms of the option agreement. The total amount of $3,035,000 was satisfied by the issuance of 1,340,548 common shares of the company, at a deemed price of $2.264 per share based on the five-day volume-weighted of the common shares up to June 10, 2022, being the second business day prior to the date of the option being exercised. In addition, as a result of the exercise of the option, Mega is entitled to receive certain future payments contingent upon the attainment of certain milestones tied to the spot price of uranium, as described in the company's press release dated May 14, 2020. The exercise of the option to acquire the Ben Lomond project triggered Mega's right, for a period of 120 days from the date of exercise, to sell the Georgetown project to Consolidated Uranium for additional consideration of $500,000, payable in cash or common shares, at the election of Consolidated Uranium, which if exercised by Mega, will also entitle it to receive certain future payments contingent upon the attainment of certain milestones tied to the spot price of uranium.

Philip Williams, chairman and chief executive officer, commented: "Ben Lomond represents the cornerstone asset for the company in Queensland where we now have multiple projects in two important uranium districts. We believe that recent legislation introduced in Australia to remove the ban on nuclear power could be an important step in building support for additional uranium mining operations in the country of which Consolidated Uranium would be a beneficiary."

All securities issued in connection with the option agreement are subject to a hold period expiring four months and one day from the date of issuance.

About Consolidated Uranium Inc.

Consolidated Uranium was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina and the United States, each with significant past expenditures and attractive characteristics for development. Most recently, the company completed a transformational strategic acquisition and alliance with Energy Fuels Inc., a leading U.S.-based uranium mining company, and acquired a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning Consolidated Uranium as a near-term uranium producer.

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