SKYQ News & Events

Sky Quarry announced the completion of a series of high-impact operational upgrades at its Foreland Refinery. Foreland stands as a rare energy asset in the western United States as the only permitted refinery in the State of Nevada, operating within a supply-constrained and logistically complex regional fuel market. With permitted capacity of up to 5,000 barrels per day and an estimated replacement value of approximately $70M, Foreland represents high-barrier infrastructure that would be difficult to replicate today. The refinery supplies fuel to critical Nevada industries, including precious metals mining and lithium production. The completed upgrades significantly enhance refinery reliability, uptime, and operational readiness. As a result, Sky Quarry is now uniquely positioned to capture outsized value from tightening regional fuel markets, expand operating leverage, and convert a scarce refining asset into meaningful, durable cash-flow potential for shareholders. The improvements address core systems across the facility, including major boiler system upgrades, vacuum unit condenser replacements, critical process piping replacements, tank system repairs, and restoration of the water and oil separation system. Collectively, these enhancements materially improve durability, throughput capability, and readiness for sustained production.

Sky Quarry announced that on November 21, 2025, its Board of Directors appointed Omar Hussein, Alexander Monje, and Robert Byrne to join the Company's Board. The appointments fill vacancies created by an increase in the size of the Board approved in August 2025. Each of the newly appointed directors is considered independent under NASDAQ listing rules. Omar Hussein is the Co-Founder and Chief Strategic Officer of ConvergeFi, a venture-backed artificial intelligence company transforming real estate lending. Alexander Monje is a Partner and Chief Legal Officer of 10X Capital. Robert Byrne currently serves as a principal and strategic advisor through Alpha Nine Ventures and as President of TB Byrne & Associates.

Sky Quarry is issuing a Request for Proposals to evaluate commercial utilization of the power generation assets at the Company's PR Spring facility in Utah. The initiative is intended to surface partners who recognize the potential value of the generation capacity owned by Sky Quarry. Sky Quarry owns two Solar Centaur Caterpillar Gensets. These turbines are currently located at the Company's PR Spring site in Utah. These turbine generators have a combined generating capacity of 7 megawatts. The units are capable of co-generative operation through an on-site steam generator, allowing for highly reliable, continuous operation independent of external deliveries. Sky Quarry is seeking proposals from qualified commercial and industrial users that may benefit from dedicated, utility-scale power in a proven energy region. These generators could also be transported to another site as business needs require. The Company believes the on-site gas generation at PR Spring can support delivered power costs that are highly competitive in today's market, in many cases in the range of $0.05 per kilowatt hour, depending on fuel and operating profile. Following a redesign of planned facility operations at PR Spring, the Company has reassessed its power requirements for future operations at the site. The turbine generators were part of the original design of Sky Quarry's approximately $50M PR Spring facility, but ongoing upgrades and process improvements have reduced both water use and overall energy demand. As a result, the Company has determined that the full 7 megawatts of installed generation capacity will not be required and is evaluating opportunities to lease or otherwise commercialize the turbine generators for local or regional use while retaining flexibility for its own operational needs.

Sky Quarry announced progress in its partnership with Continuum Network, accelerating work that began with the signing of a memorandum of understanding in August. Under the collaboration, Sky Quarry and Continuum are working to establish a clear framework for tokenizing energy-linked commodities and developing the digital infrastructure needed to support a modernized treasury model. Since signing the MOU, the parties have advanced both technical and operational workstreams and are preparing to launch the token creation process and functional exchange interface. To ensure regulatory clarity, Sky Quarry will keep equity and token purchases entirely distinct. Investors can continue to purchase shares in Sky Quarry through standard equity transactions, giving them ownership rights in the company. Separately, the company intends to create tokens tied to its oil assets. The company said, "We intend to sell these tokens in separate transactions, and they will be priced based on the current market price of oil. Sky Quarry also plans to use its own token treasury to create working capital by pledging these oil tokens to suppliers as collateral for crude oil purchases at its refinery. We believe that this strategy will allow the Company to leverage assets already on its balance sheet, creating liquidity without diluting our equity holders or incurring additional debt."