Blue Sky Uranium partnership begins work at Ivana

Mr. Nikolaos Cacos reports BLUE SKY URANIUM LAUNCHES EXPLORATION PROGRAM AFTER COMPLETING IVANA DEPOSIT INFILL DRILLING PROGRAM AND ADVANCES TOWARDS PREFEASIBILITY STUDY AT AMARILLO GRANDE PROJECT, ARGENTINA Ivana Minerales SA (IMSA, a partnership of Blue Sky Uranium Corp. with a subsidiary of Corporacion America Group (COAM)) has commenced the first exploration program on targets surrounding the Ivana deposit. Pursuant to the earn-in agreement, IMSA has the exclusive right and option to acquire a 100-per-cent interest in all or part of certain exploration targets at the Amarillo Grande project (see press release dated Feb. 27, 2025). The program started with a pole-dipole electrical tomography survey at the Ivana Gap target to delineate potential drill targets in the area immediately north of the Ivana deposit. In addition to this exploration initiative, the company also reports that IMSA has completed the previously announced infill drilling program at the Ivana deposit, marking a key milestone toward completing a prefeasibility study (PFS). The infill program included 4,959 metres of drilling across 328 holes, bringing the total drilling at the deposit to 15,839 metres of drilling across 1,166 holes. The objective of the program is to provide data to update and upgrade the current mineral resource categories, which presently comprise approximately 80 per cent indicated resources (see press release dated Feb. 22, 2024). Nikolaos Cacos, Blue Sky's president and chief executive officer, commented: "These complementary programs contribute to Blue Sky's strategic objectives of advancing the many high-quality exploration targets into economic uranium deposits at the district-scale Amarillo Grande project, with Ivana potentially providing the initial production and a central processing facility." Concurrent with the above programs, IMSA has initiated a comprehensive gap analysis, a key step in transitioning the Ivana project from an exploration-stage asset into a development-stage project. The analysis, which is expected to take between four and six weeks, is designed to identify all the additional studies, engineering work and permitting requirements needed to support both a prefeasibility study and, ultimately, a definitive feasibility study (DFS). Beyond identifying any missing elements, the gap analysis will provide a structured road map with clear sequencing of tasks, indicative timelines, and an initial framework for estimating project-wide capital and operating costs. Program details Call-option target exploration This program began with a five-line-kilometre pole-dipole electrical tomography (ET) survey to delineate new targets for drilling at the Ivana Gap target. The program aims to follow the southern extension of mineralization at the Ivana Central target, where previous drilling identified a greater-than-2.4-kilometre-long and greater-than-one-kilometre-wide north-northwest-south-southeast corridor situated between 40 metres and 60 metres depth, open to the north and south. This corridor returned elevated silver-cobalt-copper-uranium-tungsten, including 0.35 metres at 2,880 parts per million silver (see press release dated May 24, 2023). This geophysical method was successfully employed at the Ivana deposit, aiding in drill targeting that led to the discovery. The ET survey is useful for detecting potential buried zones with high porosity and the presence of a reduction zone where organic matter and/or pyrite/sulphide minerals have potentially trapped uranium mineralization. The geophysical survey is expected to be concluded within 10 days, followed by approximately one week of data processing. Based on the ET results, the company will define the extent of the planned diamond drilling program at the Ivana Gap target and the precise collar locations for the drill holes. Ivana deposit infill drilling program The completed RC (reverse circulation) drilling program included 328 holes, averaging 15 metres in depth, and totalling 4,959 metres of drilling. The program was carried out by Patagonia Drilling using a FlexiROC D65 drill rig from Atlas Copco, an ore-control track-mounted rig adapted to reverse circulation with triple cyclone to reduce dust loss during sampling and automatic sampling. The program included grid drilling within the mineralized areas for better geological understanding and improved confidence as well as drilling at the borders of the deposit model for better delineation of its extents. In addition, drilling also tested a crucial area near the core of the deposit, proximal to some of the highest uranium grades, where poor soil conditions had previously restricted access. The Ivana deposit now has a total of 15,839 metres of RC drilling in 1,166 holes spaced at approximately 75 metres by 75 metres within the boundaries of the modelled deposit. A total of 5,443 samples were sent to ALS Argentina for preparation and sent to ALS Peru for analysis of multielement ultratrace method combining four-acid digestion with inductively coupled plasma (ICP) instrumentation. The program included 322 blanks, fine and coarse blank samples, 162 duplicates from original samples, and 92 certified standards, which were inserted into the sample sequence for quality assurance/quality control (QA/QC) purposes. Ivana deposit gap analysis The scope of the gap analysis is extensive. It will assess metallurgy, mine design, process engineering, infrastructure, environmental and social considerations, water management, and permitting strategies. M3 Engineering and Technology Corp. is leading the process and is responsible for overall co-ordination as well as reviewing metallurgical test work, process flow sheets, non-mining engineering activities, infrastructure requirements and preparation of the final report. SRK Consulting is tasked with mine planning, reserve estimation, geotechnical studies, and the design and review of the tailings storage facility. Hidroar SA is reviewing all requirements related to the environmental impact assessment, with a particular focus on strategies for groundwater management, permitting compliance and environmental baseline studies. Lionsgate Geological Consulting Inc. will review the mineral resource estimate. Meanwhile, Blue Sky's internal team provides geological oversight, integrating exploration data and managing general project co-ordination. The gap analysis is not only a technical exercise but also a strategic step that will allow Ivana Minerales to evaluate project risks, define critical path activities and prioritize expenditures. The outcome will be a comprehensive plan positioning the Ivana project for advancement into prefeasibility with a clear understanding of both the opportunities and challenges ahead. Qualified person The technical contents of this news release have been reviewed and approved by Ariel Testi, CPG, who works for the company and is a qualified person as defined in National Instrument 43-101. About Ivana Minerales SA Ivana Minerales is the operating company for the joint venture between Blue Sky and its partner, Abatare Spain SLU, to advance the Ivana uranium-vanadium deposit in Rio Negro province of Argentina. The activities of the JV company are subject to the earn-in transaction, in which COAM will finance cumulative expenditures of $35-million (U.S.) to acquire a 49.9-per-cent indirect equity interest in the Ivana deposit and then has the further right to earn up to an 80-per-cent equity interest in JV company by completion of a feasibility study and financing the costs and expenditures up to $160-million (U.S.) to develop and construct the project to commercial production, subject to the terms and conditions in the agreement. The JV company also has a call option to acquire a 100-per-cent interest in all or part of certain exploration targets owned by Blue Sky's 100-per-cent-held subsidiary, subject to certain conditions. For additional details, please refer to the news release dated Feb. 27, 2025, as well as the company's latest financial statements and MD&A (management discussion and analysis) available on Blue Sky's website. About Blue Sky Uranium Corp. Blue Sky Uranium is a leader in uranium discovery in Argentina. The company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of uranium deposits into low-cost producers while respecting the environment, the communities and the cultures in all the areas in which the company works. Blue Sky'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's recently optioned Corcovo project has potential to host an in situ recovery (ISR) uranium deposit. The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993. We seek Safe Harbor.