Mr. Nikolaos Cacos reports

BLUE SKY URANIUM COMPLETES COMPREHENSIVE GAP ANALYSIS FOR IVANA DEPOSIT AND IDENTIFIES CLEAR ROADMAP TO FEASIBILITY

Blue Sky Uranium Corp. has completed a comprehensive gap analysis for the Ivana uranium-vanadium deposit at the Amarillo Grande project in Rio Negro province, Argentina.

The gap analysis was prepared by M3 Engineering & Technology Corp., supported by a consortium of specialized consulting firms, at the request of Ivana Minerales SA (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 road map for advancing Ivana through the prefeasibility study (PFS) stage and potentially onward to the completion of a feasibility study and submission of the final environmental impact assessment for Ivana. The timeline established by the road map is approximately 24 months to complete these steps, with an estimated overall budget of $13.5-million (U.S.), including contingencies.

Nikolaos Cacos, president and chief executive officer of Blue Sky, 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 per cent U3O8 (triuranium octoxide) and 0.019 per cent V2O5 (vanadium pentoxide) in the indicated category and 5.6 million tonnes at 0.031 per cent U3O8 and 0.019 per cent V2O5 in the inferred category. The PEA describes an initial 11-year mine life for the deposit, requiring a capital expenditure of $159.7-million (U.S.) and an estimated average life-of-mine all-in sustaining cost of $24.95 (U.S.) per pound U3O8, net of credits. The economic analysis includes an after-tax net present value (discounted at 8 per cent) of $227.7-million (U.S.), a payback period of 1.9 years, and an internal rate of return of 38.9 per cent. 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 include numerous assumptions and are 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, favourable 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, totalling 328 RC (reverse circulation) holes, to support potentially further upgrading the category of some or all of the resource (currently approximately 80 per cent 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 test work, 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 flow sheet. The additional proposed mineral processing test work 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 data sets and ensure they are fully aligned with coming permitting milestones.
• Surface water, groundwater, geochemistry, tailings, closure/rehabilitation: 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, archeology 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 socio-economic 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 $11.4-million (U.S.), with an additional $2.05-million (U.S.) contingency, for a total of $13.45-million (U.S.).

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 IMSA 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 IMSA 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. IMSA 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 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.

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