Blue Sky Uranium Completes Comprehensive GAP Analysis for Ivana Deposit and Identifies Clear Roadmap to Feasibility
The Gap Analysis was prepared by M3 Engineering & Technology Corporation, supported by a consortium of specialized consulting firms, at the request of Ivana Minerales S.A, (“IMSA”) the operating company for the joint-venture between Blue Sky and a subsidiary of Corporacion America Group, (“COAM”) to advance Ivana.
Using the existing Preliminary Economic Assessment (“PEA”) as the baseline, the GAP Analysis provides a clear, actionable roadmap for advancing Ivana through the Pre-Feasibility Study (“PFS”) stage and potentially onward to the completion of a Feasibility Study (“FS”) and submission of the final Environmental Impact Assessment for Ivana. The timeline established by the roadmap is approximately 24 months to complete these steps, with an estimated overall budget of US$13.5 million, including contingencies.
Nikolaos Cacos, Blue Sky President & CEO commented, “Completing this Gap Analysis marks a significant strategic milestone for Blue Sky and IMSA. Our goal has always been to rapidly advance our first discovery at the Amarillo Grande project toward potential uranium production. This analysis focuses the remaining steps, providing an aggressive but systematic timeline and clear path forward. Our local partner is committed to this process with us and together we are moving Ivana forward rapidly and responsibly.”
GAP Analysis Summary
The objective of the Gap Analysis was to identify technical, environmental, social, and regulatory areas where additional data collection, studies, or design are needed to support a PFS and FS. The baseline for all technical assessments was the PEA and updated Mineral Resource Estimate (“MRE”) for the Ivana deposit described in the NI 43-101 Technical Report dated April 2, 2024, filed on SEDAR+. The MRE includes 19.7 million tonnes at 0.039% U₃O₈ and 0.019% V₂O₅ in the Indicated category, and 5.6 million tonnes at 0.031% U₃O₈ and 0.019% V₂O₅ in the Inferred category. The PEA describes an initial 11-year mine life for the deposit, requiring a capital expenditure of US$159.7 million and an estimated average life-of-mine all-in sustaining cost of US$24.95 per pound U₃O₈, net of credits. The economic analysis includes an after-tax NPV8% of US$227.7 million, a payback period of 1.9 years, and an IRR of 38.9%. Readers are cautioned that the 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 demonstrated economic viability. Additional exploration will be required to potentially upgrade the classification of the inferred mineral resources to be considered in future advanced studies.
The Gap Analysis report confirms that Ivana benefits from strong baseline technical work, favorable metallurgy, clear permitting pathways, and a well-defined execution plan. The report provides a structured timeline to advance key areas in order to support a PFS and FS for Ivana:
- Mineral Resources: IMSA completed a new infill drilling program this year, totaling 328 RC holes, to support potentially further upgrading the category of some or all of the resource (currently ~80% of the MRE is in Indicated). Integrating this infill program with the previous block model will help define future drilling requirements, if needed, to establish mineral reserves for the FS.
- Mineral Processing: Previous alkaline leach metallurgical tests have shown excellent uranium recoveries after low-cost scrubbing and screening preconcentration. The GAP analysis recommended repetition of leach testwork, further optimization of beneficiation, solvent extraction and downstream precipitation testing, additional process step testing and confirmation that the brine/brackish water available on site can be used in the processing flowsheet. The additional proposed mineral processing testwork is expected to take about 15 to 16 months and represents the most significant critical-path item to support the project’s advancement.
- Hydrogeological, Radiological, and Geotechnical Baseline: Hydrogeological studies began in 2017, with baseline studies completed between 2021 and 2023 and updated in 2024 through 2025. The GAP Analysis recommends supplementary programs to strengthen these baseline datasets and ensure they are fully aligned with upcoming permitting milestones.
- Surface Water, Groundwater, Geochemistry, Tailings, Closure/Rehab: The Gap Analysis identifies work related to surface and groundwater studies, along with the need for additional geochemical characterization of ore and waste materials, further definition for tailings design, and the related inputs that will support closure and rehabilitation planning at the PFS/FS stages.
- Infrastructure: No significant infrastructure constraints were identified, allowing engineering activities to proceed in parallel with technical studies related to access roads, site buildings, power supply, and more.
- Biodiversity, Archaeology, and Paleontology: Baseline surveys began in 2021 and have provided proper characterization. The report recommends maintaining and reinforcing these surveys for a more detailed understanding.
- Communities: Social studies conducted in recent years are considered sufficient at this stage. The report suggests further work to consolidate the socioeconomic baseline and implement specific programs.
In addition to identifying technical requirements, the study provides a high-confidence development framework that reduces execution risk and establishes a clear path to Feasibility Study level, culminating in the submission of an Environmental Impact Assessment report to the regulatory authorities. Key milestones in the path include:
- Q4 2025: Metallurgical lab selection and sample shipment; initiation of mineral resources update
- Q2 2026: Preliminary metallurgical results and commencement of extended metallurgical tests
- Q3 2026: PFS level of engineering
- Q3 2026: Final mineral resource report and PFS completion
- Q2 2027: Final Metallurgical test report and FS completion
- Q3 2027: EIA submission
The total cost to complete the required technical, environmental, and permitting studies up to the Feasibility Study level is estimated at US$11.4 million, with an additional US$2.05 million contingency, for a total of US$13.45 million.
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