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Blue Sky Uranium Announces a Positive New Preliminary Economic Assessment for the Ivana Uranium-Vanadium Deposit, Amarillo Grande Project, Argentina

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PR Newswire

VANCOUVER, BC, Feb. 22, 2024

TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF

VANCOUVER, BC, Feb. 22, 2024 /PRNewswire/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or the "Company") is pleased to announce the results of a new Preliminary Economic Assessment ("PEA") for the Ivana Uranium-Vanadium deposit at the Company's 100% owned Amarillo Grande Project in Rio Negro Province, Argentina. The updated PEA incorporates a new mineral resource estimate, in which approximately 80% of the resources are now in the Indicated category. The PEA demonstrates robust economics from a surficial mining operation, entailing 11 years of uranium and vanadium production:

PEA Highlights (All figures in US dollars)

After-tax NPV 8%: $227.7 million
After-tax IRR: 38.9%
After-tax Payback period: 1.9 years
Pre-production Capital Cost: $159.7 million, includes $35.4 million contingency
Life of mine ("LOM") Sustaining Capital Cost: $27.3 million, includes $5.4 million contingency
Average LOM Total Cash Cost net of credits: $23.29/lb U₃O₈
Average LOM All-In Sustaining Costs ("AISC") net of credits: $24.95/lb U₃O₈

PEA Key Assumptions & Inputs

Uranium price: $75/lb U₃O₈
Vanadium Price $7.5/lb V₂O₅
Years of Construction: 2
Years of Production: 11
Strip Ratio: 1.5:1 (waste/ore)
Dilution: 3%
Average Mining rate (waste + mill feed): 5.10 Mtpa
Processing throughput: 2.17 Mtpa
Process Plant Recoveries (Net), Uranium: 84.6%
Process Plant Recoveries (Net), Vanadium: 52.5%
Average Annual Production (LOM): 1.5 Mlbs/y U₃O₈
LOM uranium production: 16.5 Mlbs U₃O₈

"This PEA reaffirms that the Ivana deposit is a leading low-cost uranium-vanadium project. We believe that this resurgent uranium market has a strong long-term outlook and we are therefore preparing to complete a prefeasibility study for Ivana as soon as possible," stated Nikolaos Cacos, Blue Sky President & CEO. "We will also continue our on-going exploration work to discover and delineate new uranium and vanadium resources throughout the remaining highly prospective district-scale Amarillo Grande project."

Additional detailed processing studies are underway to further de-risk and enhance the economics for development of the Ivana deposit. This technical work will be incorporated into the program to support a prefeasibility study ("PFS"), which the Company is preparing to commence in the coming months.

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PEA Summary

A summary of key physical parameters and costs for the PEA are presented in Table 1 below. All figures are in US dollars. The Mineral Resource estimate included in the PEA is reported according to the classification criteria set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Reserves ("CIM Definition Standards").

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.

Table 1. PEA Summary Parameters

	Unit
Physical Parameters
Total tonnes feed prep processed (LOM)	Mt	23.5
Head Grade (U₃O₈)	%	0.038 %
Head Grade (V₂O₅)	%	0.019 %
Annual Plant throughput	tpa	2,170,000
Recovery - Uranium (net)	%	84.6 %
Recovery - Vanadium (net)	%	52.5 %
Mine Life (Production)	years	11
Total Uranium (U₃O₈) produced	Mlbs	16.5
Total Vanadium (V₂O₅) produced	Mlbs	5.2
Average Annual U₃O₈ production	Mlbs/yr	1.50
Operating Cost Parameters
Mining Cost (LOM avg)	$/t feed	$4.97
Processing Cost (LOM avg)	$/t feed	$8.52
Waste & Water Management	$/t feed	$0.09
G&A Cost (LOM avg)	$/t feed	$1.92
Total Operating Cost	$/t feed	$15.50
Pre-Production Capital Costs
Mine	$M	$18.79
Process Plant	$M	$96.25
Waste & Water Management	$M	$5.44
Other Infrastructure	$M	$3.83
Contingency	$M	$35.41
Total Pre-Development Capital	$M	$159.72
Sustaining Capital (LOM)	$M	$27.29
Total Capital (LOM)	$M	$187.01
Cost Summary
LOM U3O8 cost (net of V₂O₅ credits)	$/lb	$23.29
LOM U3O8 cost (net of V₂O₅ credits) with AISC	$/lb	$24.95

Supporting information for the Mineral Resource estimate and the PEA will be detailed in an independent technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") which will be filed on SEDAR+ under the Company's profile within 45 days of the date of this news release.

Mineral Resource Estimate

The effective date of the Mineral Resource estimate is October 14, 2023. This updated resource estimate includes data from an additional 350 reverse circulation ("RC") drill holes (3,346 metres) completed up to March of 2022. The Mineral Resource estimate is presented in Table 2.

The Indicated and Inferred mineral resource estimation for the Ivana Project is summarized in Table 2. The base case cut-off grade of 100 ppm U. The addition of 350 RC drill holes decreased the drill hole spacing and 80% of the estimate is now classed as indicated mineral resources based on 2 holes within 100 m of a block. As far as the QPs are aware, there are no issues related to environmental, permitting, legal, title, taxation, sociopolitical or marketing which could materially impact the mineral resource,

Table 2. Estimate of Mineral Resource reported at 100 ppm Uranium Cut-off

Zone

Class

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