Investor Insight
Blue Sky Uranium provides exposure to Argentina’s largest NI 43-101 uranium resource, positive project economics at the flagship Ivana Deposit, and an option/joint venture (JV) that funds advancement through feasibility and construction without near-term equity dilution.
Company Overview
Blue Sky Uranium (TSV:BSK,OTC:BKUCF) is emerging as a frontrunner in uranium exploration and development in Argentina. As a member of the Grosso Group, which has pioneered resource exploration in Argentina since 1993 and been involved in four major mineral discoveries, Blue Sky benefits from deep regional expertise and established relationships.
Blue Sky’s flagship Amarillo Grande project, located in Río Negro Province, is a district-scale uranium–vanadium system extending 145 km over approximately 300,000 hectares. Within this project lies the Ivana deposit, Argentina’s largest NI 43-101-compliant uranium resource. The Amarillo Grande project was an in-house discovery by Blue Sky and has the potential to make the company the country’s first domestic uranium supplier as well as an emerging international producer.
To advance the Ivana deposit, Blue Sky established Ivana Minerales (IMSA), a joint venture company with its partner Abatare Spain (COAM), part of Corporación América Group. Under the agreement, COAM can fund up to US$35 million to earn a 49.9 percent indirect interest in Ivana, and may earn up to 80 percent by completing a feasibility study and funding up to US$160 million in development and construction costs to bring the project to commercial production.
The Río Negro Provincial Mining Authority registered the transfer of mining rights to IMSA on June 10, 2025, formally recognizing IMSA as the operating company for the Ivana uranium-vanadium project. IMSA also holds a call option to acquire 100 percent of certain exploration targets surrounding Ivana, subject to additional payments and a 2 percent royalty.
Beyond Amarillo Grande, Blue Sky is expanding its portfolio with projects in the Neuquen Basin targeting uranium deposits amenable to in-situ recovery (ISR) methods, further diversifying its growth potential in line with these positive market trends.
Company Highlights
- Significant Uranium Resource: Controls the largest NI 43-101 compliant uranium resource in Argentina with 17 Mlbs U3O8 in indicated resources and 3.8 Mlbs in inferred resources, plus valuable vanadium credits.
- Low-cost Production Potential: Near-surface mineralization with no blasting required, hosted in loosely consolidated sediments, making for potentially low mining costs.
- Strategic JV Partnership: Secured an earn-in agreement with COAM to advance the Ivana deposit with no funding required by Blue Sky through development. COAM will spend up to US$35 million to earn up to a 49.9 percent interest, and can further earn up to 80 percent by funding development costs to production (up to US$160 million).
- Strong Uranium Market Fundamentals: Global uranium market faces supply deficits with increasing demand from nuclear power generation, with prices strengthening significantly since 2023.
- Domestic Market Opportunity: Argentina has three operational nuclear plants with others under construction or planned, yet imports all uranium for fuel. National legislation guarantees purchase of domestically produced uranium.
- ISR Project Pipeline: New projects in the Neuquen Basin provide future growth through potential in-situ recovery operations, a method that produces 57 percent of the world’s uranium with minimal environmental impact.
Key Projects
Amarillo Grande Project (Flagship)
The Amarillo Grande project, located in Rio Negro Province, is Blue Sky’s cornerstone asset and a district-scale opportunity in Argentina’s uranium sector. Spanning 145 km and covering approximately 300,000 hectares, this project encompasses three main property areas: Ivana, Anit and Santa Barbara. Each area contributes to the project’s significant potential as an emerging uranium-vanadium district.
Ivana Deposit Highlights
- Resource: 19.7 million tons (Mt) of indicated resources grading 333 parts per million (ppm) uranium and 105 ppm vanadium, containing approximately 17 million pounds (Mlbs) of U3O8 and 8.1 Mlbs of V2O5. Additionally, the deposit hosts 5.6 Mt of inferred resources grading 262 ppm uranium and 109 ppm vanadium, containing approximately 3.8 Mlbs of U3O8 and 2.4 Mlbs of V2O5. Importantly, about 80 percent of the current resource is classified in the higher-confidence indicated category, providing a solid foundation for economic studies and development planning.
- Gap Analysis toward PFS/DFS: Led by M3 Engineering, SRK, Hidroar and Lionsgate to define remaining work, sequence and initial capex/opex framework.
Ivana Gap and Ivana Central (near-deposit targets)
- New geophysical results: Single ET/IP line at Ivana Gap outlined a ~1,400-m-wide chargeability anomaly at ~30–60 m depth, interpreted as the northerly extension of the Ivana redox front trend; Q4/25 diamond drilling planned.
Anit
The Anit property located north of Ivana, features a remarkable 15-kilometer airborne radiometric anomaly with extensive surface uranium and vanadium mineralization. Historical drilling along a 5.5-kilometer stretch averaged 2.6 meters at 0.03 percent U3O8 and 0.075 percent V2O5, indicating significant mineralization potential throughout the property. Blue Sky retains 100 percent control of this area, providing substantial upside beyond the Ivana deposit that is currently the focus of the COAM joint venture.
Santa Barbara
The Santa Barbara property represents the company’s initial uranium discovery in the Rio Negro basin, made in 2006. This property exhibits widespread uranium and vanadium mineralization along an 11-kilometer surface trend. While exploration here is less advanced than at Ivana, the geological similarities and surface indicators suggest potential for both near-surface mineralization and deeper blind deposits that could be identified through future exploration campaigns.
ISR Projects
Blue Sky maintains two projects in the Neuquén Basin — Chihuidos (100-percent-owned, 60,000 ha) and Corcovo (20,000 ha under option) — targeting uranium deposits potentially amenable to in-situ recovery (ISR) methods. These projects leverage extensive historical oil and gas well and seismic data to identify subsurface uranium targets. Both projects remain part of Blue Sky’s medium-term growth pipeline. ISR methods currently produce over half of the world’s uranium and align with the Company’s focus on low-cost, low-impact development
San Jorge Basin Projects
Blue Sky also secured strategic positions in the San Jorge Basin: the Sierra Colonia and Tierras Coloradas projects. While less advanced than the Amarillo Grande project, these properties have been selected based on favorable geological characteristics and historical indicators of uranium mineralization. The company is applying the exploration model and expertise developed at Amarillo Grande to efficiently evaluate and advance these prospects.
Management Team
Joseph Grosso – Chairman and Director
Founder of Grosso Group Management, Joseph Grosso has been a pioneer in Argentina’s exploration and mining sector since 1993. He was involved in multiple major discoveries in Argentina, including the Gualcamayo gold mine, Navidad silver project, and Chinchillas silver-lead-zinc mine.
Nikolaos Cacos – President and CEO, Director
Nikolaos Cacos is one of the company’s founders with over 35 years of management experience in mineral exploration. He has extensive expertise in strategic planning and administration of public resource companies.
David Terry – Technical Advisor and Director
David Terry is a professional economic geologist with over 30 years in the resource sector. He has extensive experience in exploration, development and project management in the mining industry.
Martin Burian – Director
Martin Burian holds ICD.D (Institute of Corporate Directors) and chartered professional accountant designations. He has a 30-year career in investment banking to the mining sector, is currently managing director at RCI Capital Group and held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital. Burian is an independent member of several other public company boards where his roles include chairman, lead independent director and audit committee chair, as well as privately-held Heffel Gallery Limited, where he is also part-time CFO. Burian’s early career was with KPMG where he obtained his CPA and CBV designations.
Pompeyo Gallardo – VP Corporate Development
Pompeyo Gallardo brings 29 years of experience in corporate finance, with strengths in budgeting and control, project structuring, project financing, and financial modeling and analysis.
Darren Urquhart – CFO
A chartered professional accountant, Darren Urquhart has 20 years of experience in public practice and industry.
Connie Norman – Corporate Secretary
Connie Norman has extensive experience in corporate secretarial and regulatory compliance services for public companies.
Guillermo Pensado – Technical Consultant
Guillermo Pensado is a geologist with extensive experience in the mining sector. He is now focused on the Ivana JV operations.
Luis Leandro Rivera – General Manager (JVCO)
Recently appointed to lead the Ivana joint venture company, Luis Leandro Rivera brings 30 years of experience in all facets of mining from exploration to operations, including most recently serving as senior vice-president of the Latin American region for AngloGold Ashanti, where he oversaw management of four mines in two countries.
1 PEA is preliminary in nature and is intended to provide an initial assessment of the project’s economic potential and development options. The PEA mine schedule and economic assessment includes numerous assumptions and is based on both Indicated and Inferred mineral resources. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demon-strated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies.