Blue Sky Uranium launches new JV company to advance Ivana uranium-vanadium deposit in Argentina

Blue Sky Uranium Corp. is a pioneer in uranium exploration and development in Argentina.

Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF), a leading uranium exploration company in Argentina, has announced the launch of a new joint venture company, Ivana Minerales S.A. (JVCO), in partnership with Abatare Spain, S.L.U. (COAM). The new entity is tasked with advancing the Ivana Uranium-Vanadium deposit, part of the Amarillo Grande Project in the Rio Negro Province of Argentina.

This development follows the earn-in agreement previously disclosed on February 27, 2025. As part of this strategic move, Mr. Luis Leandro Rivera has been appointed General Manager of JVCO. Rivera brings over 30 years of mining experience, having most recently served as Senior Vice President for Latin America at AngloGold Ashanti (AGA), where he oversaw operations across multiple countries, including Argentina's Cerro Vanguardia mine.

“We are very pleased to welcome a mining professional of Mr. Rivera’s caliber to steer the team in Argentina,” said Nikolaos Cacos, President and CEO of Blue Sky Uranium. “In just a few weeks, he has already established a cost-effective operating structure for JVCO and is leading the planning of our next exploration phase.”

Exploration and development plans underway

JVCO is currently selecting engineering firms to support a forthcoming prefeasibility and feasibility study for the Ivana deposit. Simultaneously, the company is launching a major exploration drilling program, targeting new uranium-vanadium resources in the surrounding area.

The campaign will include up to 6,000 metres of Reverse Circulation (RC) drilling across approximately 315 shallow holes. Drilling will step out up to two kilometers from the existing Ivana deposit, including a newly accessible target zone called Bajo Huenteleo, historically off-limits due to flooding. The drilling campaign is expected to continue over the next six months.

Strategic investment and funding

The exploration and development programs are fully funded through the JV agreement, under which COAM will invest up to US$35 million to earn a 49.9% indirect equity interest in the Ivana project. COAM also holds the right to earn up to an 80% stake in JVCO by completing a feasibility study and funding development costs of up to US$160 million, subject to specific conditions outlined in the agreement.

JVCO operational structure

JVCO will operate under a board representing both joint venture partners. To optimize spending, corporate services such as finance, legal, and procurement will be provided by Corporación América affiliates, while technical services including environmental management and data handling will remain under the oversight of the Grosso Group, Blue Sky’s longtime exploration partner in Argentina.

All field staff, including three geologists and the former Project Manager, have transitioned to JVCO to ensure technical continuity.