Blue Sky sets Ivana uranium deposit on production path with COAM transaction
Uranium exploration and development company Blue Sky has announced a transaction that could set the path to bring the Ivana uranium deposit, in Argentina, into production.
Blue Sky has entered a binding term sheet with Argentinian firm Corredor Americano (COAM) to complete an option agreement in respect to the Ivana deposit.
COAM could earn up to a 50% indirect interest in the asset by spending $35-million and advancing Ivana through to completion of a feasibility study, and to drill key exploration targets located in adjacent areas of the property.
Following a positive feasibility study, COAM can earn an additional 1% upon its decision to fund the capital cost of the project and a further 29% by funding 100% of the estimated capital cost to achieve commercial production.
A February 2024 preliminary economic assessment (PEA) has affirmed the Ivana deposit as a leading low-cost, uranium/vanadium project. The mine is set to produce 16.5-million pounds of uranium oxide and 5.2-million pounds of vanadium pentoxide over its initial 11 year mine life.
The PEA calculates predevelopment capital of $159.72-million and sustaining capital of $27.29-million.
The parties have agreed for a period of 90 days to negotiate in good faith definitive agreements in connection with the proposed transaction.
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