History
A Nevada shell that began as a Mexican and Nevada silver explorer became a Honduran gold miner, survived toxic debt, then pivoted in 2025 to AI data-center power.
2010-2012: Three options and an equity line
The company began as Silver America, Inc., a small explorer. In April 2010 it optioned a 90% interest in two silver concessions called Guadalupe in Zacatecas, Mexico, from Yale Resources Ltd, and a 72% interest in 12 silver and gold claims called Keeno Strike in Clark County, Nevada. In August 2010, by then renamed Gold American, it added a third property, the La Escondida gold concessions in Sonora, Mexico.
It paid for this mainly through a $7.5 million equity line with ZUG Financing Group S.A., signed in May 2010. The company could sell units, each a share plus half a warrant (a right to buy more shares later), at a discount to the recent market price. The price fell sharply: a fourth draw in February 2011 sold 800,000 units at $0.25, raising just $200,000, against $1.10 ten months earlier. Shares on issue rose from about 86.3 million to 89.8 million over 2010 and 2011.
The properties did not last. La Escondida was terminated in December 2010 without being exercised, and Guadalupe followed in February 2012, leaving the company with no active mineral properties.
2013-2014: A gold mine and the first toxic notes
In March 2013 the company, now based in Murray, Utah, bought the U.P. and Burlington Gold Mine from Inception Resources, LLC for 16,000,000 shares, $950,000 of assumed promissory notes and a 3% royalty. This ended its shell status, brought in new management including CEO Michael Ahlin, and led to the name Inception Mining Inc. Year-end share count fell from 89.8 million to 20.7 million in 2013, a change the record here does not explain.
In September 2013 it agreed to buy mineral rights over 16,183 acres in Humboldt and Elko Counties, Nevada, from Crawford Cattle Company LLC for $14.8 million in shares, subject to Crawford completing its own land purchase and due diligence. No completion appears in the record.
Funding turned to convertible notes, which can be turned into shares at a steep discount to the market price. In March 2014 came a $220,000 note from Iconic Holdings, LLC, and in October a $115,000 note from Typenex Co-Investment, LLC. Both converted at 60% of recent low prices, the start of a recurring pattern.
2015-2019: Clavo Rico
In February 2015 Inception agreed to buy Clavo Rico Ltd, a Honduran operation processing an old tailings body (leftover waste rock) and several open-pit gold ore bodies, for 66,391,160 shares, conditional on first raising $11 million. In August that deal was replaced by a merger under which Clavo Rico's holders would receive 240,225,901 shares. It closed on 7 October 2015, with about $8.88 million of Clavo Rico's notes assumed. The Clavo Rico mine became the core business.
The record is then quiet until May 2019, when Inception took a $4.25 million senior secured convertible note, for $3 million cash, plus warrants over 9,250,000 shares, from an investor later identified as Discover Growth Fund, LLC. Its conversion discount worsened on each contractual trigger event.
2020-2023: Restatements, settlement and exit
The 2019 note caused accounting trouble. In May 2020 the company restated its 2019 results because the way it valued the note's embedded conversion feature was inadequate, and in April 2021 it restated Q2 and Q3 2020 for the same note.
After payments stopped in 2021, Antilles Family Office, LLC, which had acquired the note, sued in federal court in Delaware. A June 2022 settlement required reserving up to 10 billion shares for conversion, with 541,449,789 reserved immediately. In January 2023 the company instead paid Antilles $1.2 million in cash, discharging the note and ending the case.
In February 2023 it sold its Honduran subsidiary, which owned the Clavo Rico mine, to Mother Lode Mining, Inc., leaving mining. The price included about $2.7 million already paid toward Inception's debts and $2.7 million more over 24 months, with a 10% net smelter royalty as security on missed payments and a 5% net-profits royalty capped at $1 million. Later that month it converted accrued insider debt into shares: 485.4 million to CEO Trent D'Ambrosio for $1.699 million owed, 314.6 million to the L W Briggs Irrevocable Trust, 204.3 million to Legends Capital Group, and others. Year-end 2023 showed about 2.6 million shares, which the beats do not explain on their own.
2025: BluSky AI
On 12 March 2025 the company did a 1-for-1,000 reverse split and renamed itself BLUSKY AI, INC., ticker BSAI. In July 2025 it took assignment of a 9.3 megawatt solar and grid power commitment, at $0.068 per kilowatt-hour, for a planned data-center project in Milford, Beaver County, Utah, from Digital Asset Management, LLC, paying 20,000,000 shares. It also signed a two-year ground lease with purchase option over 51.6 acres from Wild Mustang Ventures LLC. In August 2025 it agreed to buy further land in Walsenburg, Colorado, from Snowy River Ranches LLC. As of September 2025 the business was at an early stage, centred on power and land for AI data centers.
Written from the 23 story beats below (2010 to 7 July 2025), which come from the company's own announcements and filings.