Blue Sky Uranium signs definitive earn-in agreement to advance Ivana uranium deposit, Argentina

Blue Sky Uranium Corp. [TSXV: BSK; FSE: MAL2; OTC: BKUCF] has entered into a definitive earn-in agreement dated November 29, 2024, with Abatare Spain, S.L.U. and ACI Capital S.à r.l, as guarantor whereby the company and its wholly owned subsidiaries Minera Cielo Azul S.A. (MCA) and Ivana Minerals S.A. (JVCO and together with MCA and the company, the BSK Entities), have granted to COAM the sole and exclusive right to acquire up to an 80% indirect interest in the Ivana Uranium-Vanadium Deposit located in the Province of Rio Negro, Argentina, to be effected by way of an 80% equity interest in JVCO, subject to the terms and conditions set forth in the earn-in agreement.

Under the terms of the earn-in agreement, COAM has been granted a right to acquire a 49.9% indirect equity interest in the property by funding cumulative expenditures of US$35 million and upon completion of a feasibility study, a right to acquire up to an 80% equity interest in JVCO by funding the costs and expenditures to develop and construct the project to commercial production, subject to the terms and conditions in the Earn-In Agreement.

Blue Sky President & CEO Nikolaos Cacos said: “Having fleshed out the details of this landmark agreement in recent months, we now look forward to closing the transaction which will position Blue Sky and its shareholders to greatly benefit from advancing the Ivana deposit alongside member companies of the global energy business of Corporación América Group, one of the most capable groups in Argentina.”  He continued, “The additional call option in the agreement will help fund exploration at other highly-prospective properties in our portfolio, clearing a path to make more discoveries, build more resources and create more value.”

Both COAM and the Guarantor are part of the Corporacion America Group, a conglomerate with diversified investments across Latin America and Europe, with significant stakes in the energy, airport, agribusiness, services, infrastructure, transportation and technology sectors.

The initial closing of the transaction is subject to the company: within 120 days following the effective date of the earn-in agreement, transferring all of its JVCO common shares to MCA; and obtaining all necessary regulatory approvals, including, the conditional approval of the TSX Venture Exchange and corporate  approvals, including the approval of the shareholders of the company, in connection with the transactions contemplated herein. It is anticipated that a special meeting of the Company’s shareholders called to consider and approve the Transaction will be held in February 2025.

The initial closing of the Transaction is anticipated to occur in February 2025.

Abatare Spain, S.L.U., a company constituted in Spain and ACI Capital S.à r.l, a company constituted in Luxembourg, parent of the group controlling the energy business, are part of the Corporación América Group.

Abatare Spain S.L.U. has been involved in several projects related to the energy industry.

Corporación América has developed significant projects and invested in Argentina for over 60 years. It holds major stakes in the energy, airport, agribusiness, services, infrastructure, transportation, and technology sectors, with assets and operations in Argentina and 10 other countries. Its subsidiary, Corporación América Airports S.A. [NYSE: CAAP] has a current market capitalization of US$3.02 billion.

Blue Sky Uranium is a leader in uranium discovery in Argentina. Blue Sky has the exclusive right to properties in two provinces in Argentina. The company’s flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.