Blue Sky Uranium has signed a binding term sheet with Argentine company Corredor Americano (COAM) for an option agreement concerning the Ivana uranium-vanadium deposit in Argentina.

The agreement outlines a three-stage process for COAM to earn up to a 50% indirect interest in the property, contingent on funding pre-feasibility and feasibility studies.

COAM will provide a first demand corporate guarantee, ensuring its commitment to funding the necessary studies.

Additionally, a shareholders’ agreement will be established to manage the joint venture entity (JVCO), detailing the funding and development responsibilities for the Ivana property.

Upon deciding to proceed with the property’s development, COAM is entitled to an additional 1% interest, resulting in a 51% stake in the JVCO.

In return, COAM, part of the Corporación América Group, will be responsible for all costs leading to production, which could further increase its interest by an additional 29%.

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MCA, a fully-owned subsidiary of Blue Sky Uranium, and the JVCO will also sign a call option agreement.

This grants the JVCO the right to explore and drill in certain areas, with an option to acquire exploration targets within five years, priced according to the resources and reserves at the time of the call option’s exercise.

The parties have agreed to a 90-day interim period to negotiate definitive agreements for the proposed transaction, subject to due diligence and final agreement on the definitive documents.