Sky Quarry Restarts Nevada's Only Crude Oil Refinery — A Major New Chapter Begins in This Highly Lucrative sector for N A S D A Q: SKYQ

WOODS CROSS, Utah - Rezul -- Sky Quarry Inc. (N A S D A Q: SKYQ) delivered what may be its most important operational update of 2026 today, announcing that it has received an air permit from the Nevada Division of Environmental Protection and has restarted operations at its Eagle Springs Refinery near Ely, Nevada. The facility is operated through Sky Quarry's wholly owned subsidiary, Foreland Refining Corporation.

For Sky Quarry, this is much more than another corporate announcement. The company has now moved through a significant period of refinery repairs, upgrades and permitting and is entering a new phase centered on operating the asset, ramping production and building a larger regional energy platform.

And the market noticed.

According to historical market data, SKYQ closed September 24 at $2.91, up 14.57% on approximately 28.2 million shares traded, after reaching an intraday high of $3.48.

TODAY'S BIG NEWS: EAGLE SPRINGS IS BACK

The headline development is straightforward: Sky Quarry has restarted Eagle Springs.

Before the restart, Sky Quarry completed approximately $300,000 of repairs and upgrades identified through a TAR360 assessment commissioned in 2025. The refinery has a stated nameplate capacity of approximately 5,000 barrels of crude oil per day, and the company reported approximately 15,000 barrels of crude oil inventory already on hand, with additional supply expected as operations progress.

That gives Sky Quarry something extremely important: an operating energy asset with the infrastructure already in place.

Management's immediate objective is to ramp Eagle Springs toward its operating potential and increase the contribution of Nevada-refined products to the regional fuel supply. The refinery produces products including diesel, vacuum gas oil, naphtha and liquid paving asphalt.

The distinction is important for investors: 5,000 barrels per day is nameplate capacity, not today's production rate. The company must still demonstrate a sustained ramp-up and consistent operations.

But the transition has begun.

A STRATEGIC ASSET IN AN INCREASINGLY IMPORTANT REGION

Today's announcement arrives against a backdrop that could make existing Western refining infrastructure increasingly significant.

A September 24 industry commentary highlighted the reduction of refining capacity on the West Coast, including the closure of Phillips 66's Los Angeles refinery and the wind-down of Valero's Benicia refinery. The same report noted that California has historically supplied a large portion of Nevada's motor fuel.

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That backdrop helps explain why Sky Quarry has repeatedly emphasized the strategic importance of Eagle Springs.

The company has also participated in discussions with Nevada's Fuel Resiliency Committee, and today's announcement reiterates Sky Quarry's intention to remain engaged as Nevada evaluates fuel-supply and infrastructure initiatives.

In other words, Sky Quarry is restarting its refinery at a time when regional fuel infrastructure and supply reliability are receiving heightened attention.

Key elements of today's milestone include:

• Nevada air permit secured
• Eagle Springs refinery operations restarted
• Approximately $300,000 in repairs and upgrades completed
• Approximately 15,000 barrels of crude inventory on hand
• 5,000 barrels-per-day stated nameplate capacity
• Additional crude supply expected as operations progress

THE NEXT PIECE OF THE STORY: NEVADA OIL

Perhaps even more interesting is what Sky Quarry is trying to build around Eagle Springs.

The company has been advancing a proposed $50 million Nevada oil exploration and production initiative intended to encourage additional regional crude development and potentially create a lower-cost source of feedstock for Foreland.

Sky Quarry has also highlighted increasing oil-and-gas exploration activity in Nevada, including federal leasing and drilling-permit activity, as potentially supportive of future regional crude supply.

The company points to a U.S. Geological Survey estimate of approximately 1.4 billion barrels of undiscovered, technically recoverable oil resources on federal lands in Nevada.

That figure is not a Sky Quarry reserve or asset, but it illustrates the resource potential management believes could support a broader Nevada energy-development strategy. If additional suitable Nevada crude reaches the market, Eagle Springs could potentially process some of that production in-state.

PR SPRING ADDS A SECOND LONG-TERM GROWTH ENGINE

Sky Quarry's story doesn't end at the refinery.

The company continues discussions surrounding a farm-in opportunity at PR Spring in Utah, along with potential collaboration involving its approximately 7-megawatt power-generation capacity.

PR Spring also represents Sky Quarry's longer-term resource-recovery strategy. The company is developing the facility to recover hydrocarbons and other marketable materials from waste asphalt shingles and oil-bearing resources.

That gives the company exposure to a broader combination of:

Refining + Resource Development + Recycling + Energy Infrastructure.

RECENT MANAGEMENT AND CORPORATE DEVELOPMENTS

The operational restart follows several other important developments.

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In July, Sky Quarry appointed Ray Hansen as President of Foreland Refining Corporation. The company described Hansen as a refining-industry veteran with more than 35 years of refinery operations, engineering and leadership experience.

In August, Sky Quarry also appointed Heidi C. Bowman as CFO, bringing more than 20 years of strategic finance experience, including experience in oil and gas and private equity.

And on September 18, shareholders approved the company's proposed reverse-stock-split authorizations and the 2026 Omnibus Incentive Plan. The SEC filing reported that 4,481,963 shares were represented at the meeting against 8,808,017 shares outstanding as of the July 24 record date.

These developments give Sky Quarry a strengthened management structure as the company moves from repair and preparation toward execution and operations.

INVESTOR OUTLOOK: THE STORY HAS CHANGED

The most important development today is that Sky Quarry is no longer simply talking about getting Eagle Springs ready.

Eagle Springs has restarted.

The next chapter is about ramping operations, securing feedstock, producing refined products, serving customers and demonstrating what the refinery can contribute financially.

That creates a series of milestones for investors to watch:

• Refinery ramp-up and sustained operations
• Crude supply and feedstock availability
• Utilization and refined-product sales
• Progress on the $50 million Nevada oil initiative
• PR Spring farm-in and development discussions
• Potential expansion of Nevada crude production

There are certainly risks, including the challenge of sustaining operations, obtaining crude at attractive economics, managing liquidity and proving actual throughput versus nameplate capacity. Sky Quarry itself highlights those risks in its SEC disclosures.

But today's announcement represents a tangible operational milestone.

Sky Quarry has secured the permit.
The repairs are complete.
The crude inventory is on site.
The refinery has restarted.

Now the company gets the opportunity to demonstrate what 5,000 barrels-per-day nameplate infrastructure in an increasingly supply-conscious Western market can become.

For N A S D A Q: SKYQ, September 24, 2026 may ultimately be remembered as the day the Sky Quarry story moved decisively from preparation to production.

And with the refinery now running, Nevada oil development advancing and additional PR Spring opportunities still on the table, the next phase of Sky Quarry's story is just beginning.

For more information on SKYQ visit:  https://skyquarry.com

Media Contact
Company Name: Sky Quarry Inc. (N A S D A Q: SKYQ)
Contact Person: Marcus Laun, CEO
Email:  ir@skyquarry.com  or  shareholdercommunity@skyquarry.com
Phone: (424) 394-1090
Country: United States

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