Consolidated Uranium Inc. announced the completion of the initial phase of drilling at its 100%-owned Tony M Uranium Mine 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 previously produced nearly one million pounds of U3O8 during two different periods of operation from 1979- 1984 and from 2007-2008. The Company has completed 21 of the up to 59 proposed combined conventional rotary and core holes, for approximately 16,240 feet of drilling.

The 2023 program is designed to increase the density of drill holes, in order to upgrade "Inferred" mineral resources (as determined by the SLR International Corporation in their 2022 Technical Report on the Tony M project) to the "Indicated" mineral resource category and develop a detailed understanding of the distribution of vanadium mineralization in the deposit. 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 at various localities that within the mine area. The drill core recovered from this phase of drilling has been split, logged, and sampled, and the samples have been submitted to American Assay Labs in Reno for analytical determination of uranium and vanadium concentrations.

Results obtained from the first phase of 2023 drilling will be utilized to prioritize additional drilling at the project and are expected to guide technical studies including a Preliminary Economic Assessment. The Company is continuing to advance plans to reopen the underground mine workings in preparation for a potential restart of Tony M. This work program includes updating mine ventilation and escape plans, maintenance of the existing ventilation fans, surveying of the underground mine workings, rehabilitation of mine workings and ground support, and upgrading of utilities. Tony M is located in eastern Garfield County, southeastern Utah, approximately 66 air miles (107 kilometers) west northwest of the town of Blanding and 215 miles (347 kilometers) south-southeast of Salt Lake City.

The project is the site of the Tony M underground uranium mine that was developed by Plateau Resources, a subsidiary of Consumer's Power Company, in the mid- 1970s. Uranium and vanadium mineralization at Tony M is hosted in sandstone units of the Salt Wash Member of the Jurassic age Morrison Formation, one of the principal hosts for uranium deposits in the Colorado Plateau region of Utah and Colorado.