Blue Sky Uranium Corp. — Capital/Financing Update 2022

Jun 17, 2022

Form 51-102F3 MATERIAL CHANGE REPORT

Item 1. Name and Address of Reporting Issuer

Blue Sky Uranium Corp. (the “ Company ” or “ Blue Sky ”) Suite 312, 837 West Hastings Street Vancouver BC V6C 3N6

Item 2. Dates of Material Change

June 8 and 14, 2022.

Item 3. News Release

News Releases announcing the material changes were disseminated on June 8 and 14, 2022, via CNW.

Item 4. Summary of Material Changes

A summary of the nature and substance of the material changes are as follows:

Blue Sky Uranium Closes 1[st] Tranche of Non-Brokered Private Placement, increases the financing and Closes the 2[nd] Tranche.

Item 5. Full Description of Material Change

5.1 Full Description of Material Change

On June 8, 2022, the Company announced that it had closed the first tranche of the non-brokered private placement financing (“ NBPP ”) announced on May 24, 2022, consisting of 5,694,000 units in this tranche at a price of $0.15 per unit for total gross proceeds of $854,100.

Each Unit consists of one common share and one transferrable common share purchase warrant (“ Warrant ”). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.25 per share for three (3) years from the date of issue, expiring on June 7, 2025.

In this tranche, finder’s fees of $30,614.50 were paid in cash on a portion of the private placement to parties at arm’s length to the Company. In addition, 204,097 non-transferable finder’s warrants were issued (the “ Finder’s Warrants ”). Each Finder’s Warrant entitles a finder to purchase one common share at a price of $0.25 per share for three (3) years from the date of issue, expiring on June 7, 2025.

Certain insiders of the Company participated in the Private Placement for $10,000 in Units. Such participation represents a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Company’s market capitalization.

The proceeds of the financing will be used for exploration programs on the Company’s projects in Argentina and for general working capital.

This financing is subject to regulatory approval and all securities to be issued pursuant to this 1[st] Tranche are subject to a four-month hold period expiring on October 7, 2022.

Also on June 8, 2022, the Company announced that it had increased the NBPP from $1,050,000 to $2,100,000 consisting of 14 million Units. No other terms of the NBPP were changed.

On June 14, 2022, the Company announced that it had closed a 2[nd] Tranche consisting of 6,045,000 Units for total gross proceeds of $906,750. Each Unit consists of one common share and one transferrable Warrant entitling the holder thereof to purchase one additional common share in the capital of the Company at $0.25 per share for three (3) years from the date of issue, expiring on June 14, 2025.

In this tranche, finder’s fees of $45,465 were paid in cash on a portion of the private placement to parties at arm’s length to the Company. In addition, 303,100 non-transferable Finder’s Warrants were issued at a price of $0.25 per share for three years from the date of issue, expiring on June 14, 2025.

No insiders of the Company participated in this tranche of the Private Placement.

This financing is subject to regulatory approval and all securities issued pursuant to this 2[nd] Tranche of the financing are subject to a four-month hold period expiring on October 14, 2022.

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7. Omitted Information

Not applicable

Item 8. Executive Officer

For further information, please contact Nikolaos Cacos at (604) 687-1828 .

Item 9. Date of Report

June 17, 2022