The stars are aligning for Blue Sky Uranium

Exciting times ahead for Blue Sky Uranium flagship Amarillo Grande uranium in Argentina

Blue Sky Uranium
The stars are aligning for Blue Sky Uranium

Blue Sky Uranium is an exploration company currently focused on advancing its flagship Amarillo Grande uranium project in Argentina's Rio Negro province. The company benefits from 100% control of more than 450,000 hectares of mining tenures with potential for low development cost near-surface uranium and vanadium resources. Blue Sky is a member of the Grosso Group, a management company whose members have had several mineral discovery successes in the country over three decades across different commodities.

Headed up by president and chief executive Nikolaos Cacos, Blue Sky Uranium is well positioned to take advantage of the returning global appetite for uranium, suggested by the uranium spot price hitting a 15 year high.

The company is operating in a pro-nuclear jurisdiction and can look forward to a new government that is supportive of foreign investment. Argentina's new president, Javier Milei, is currently focused on oiling the investment wheels with his "economic shock therapy" that has already seen the Argentine peso devalued by more than 50% against the US dollar.

A lot of drilling has taken place since Blue Sky Uranium's 2019 preliminary economic assessment (PEA) for its flagship Ivana deposit in Argentina's Rio Negro province.  In the intervening four years - a period marked by a more than four-fold increase in the uranium spot price - the company has focussed on upgrading the quality of the mineral resource where possible from inferred to indicated.

It recently has become easier to sell the concept of uranium when looking to raise money for exploration than perhaps ever before. This is driven by pro-nuclear global sentiment predicated on its now acknowledged role as a key component in the transition to net zero carbon emissions, and the projected uranium supply deficit linked to that, given that most nuclear power plants use uranium atoms. Yet, Argentina as a jurisdiction is seen as a more nuanced proposition.

The Blue Sky Uranium president and chief executive is clear that investors need to look past the immediate headlines regarding the country's fundamentals.

RC Infill Drilling program at Ivana area in 2022

It is also important to note that Argentina's mining code is set at the provincial, not federal level. For Blue Sky Uranium, that means the authorities in Rio Negro province exercise greater influence over the company's fortunes than does the national government in Buenos Aires. And given that Cacos described relations with those responsible for mining in Rio Negro as "excellent", the future seems fair in that respect.

Argentina has a nuclear industry that stretches back to 1950, when the country's National Atomic Energy Commission was set up. Its commitment to nuclear power has continued since, regardless of the presiding administration. Today, home-grown uranium production is the only thing preventing Argentina from becoming fully vertically integrated in respect of nuclear. This provides an insight into the favourable manner in which the development of Blue Sky Uranium's district-scale discovery may be viewed by the federal government. Argentina's 1994 National Mining Code stipulates that the government has first refusal on purchasing all uranium produced in Argentina once domestic supply has been guaranteed.

In Nikolaos Cacos' words, "As Argentina stabilises its economy and its financial markets, it is going to be an excellent destination in which to do business."

BSK´s VP Exploration presenting the geological data collection from Ivana deposit to the QP at a site visit in October 2023

He added, "While the mining industry is still quite nascent in the country, all governments recognize the incredible funds it can generate".

And with Javier Milei having indicated he will remove existing impediments to encourage external investment, there is further cause for optimism. Alongside decreasing taxes, such measures could include making it easier for companies to import and export tools and equipment.

That both the country and his company's potential is starting to be understood is borne out by a significant increase in institutional investor interest in Blue Sky Uranium, according to Cacos.

In addition, being part of the Grosso Group brings to the company a distinct edge, thanks to Joe Grosso's name recognition and proven Midas touch in Argentina.

As an oil and gas province, Rio Negro has a relatively positive view of mining and resources. In addition, given its extractive industry pedigree, the province is blessed with existing comprehensive rail, road and nearby port infrastructure which can have positive ramifications for the economic evaluation of projects like Blue Sky Uranium's Ivana deposit. Moreover, Rio Negro owns the state engineering company INVAP, which is engaged in nuclear research and also operates a pilot uranium enrichment plant. Cumulatively, these provide evidence of the region's ongoing commitment to the nuclear industry - and by extension, potential uranium exploration and mining.

A further plus is Rio Negro's low population density, which lessens the scope for friction with other land users. Even so, the company enjoys excellent relations with and the full support of the nearest town, some 26km away. Blue Sky Uranium regularly engages with the community in question and provides it with significant employment and training opportunities.

Cacos anticipates the new government in Argentina will develop much closer ties with the US and Europe as it seeks to open up the country to foreign investment and so tend to its economic needs. It is his belief the country is "well-endowed to be a global provider of not just uranium, but of a variety of metals that the country's favourable geology is endowed with".

Blue Sky Uranium

Blue Sky Uranium Corp. (TSX.V: BSK; FSE: MAL2.F; OTC: BKUCF) is one of Argentina's best-positioned uranium & vanadium exploration companies with more than 4,000 km2 (400,000 ha) of prospective tenements.




  • Joseph Grosso
  • Nikolaos Cacos
  • David A. Terry


  • 259,6 million

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.


Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.


Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.


Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.