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Here are 1-3 brief analogies for Sky Quarry (SKYQ):

• Like ExxonMobil, but for plastic waste, converting it into renewable fuels.
• An industrial TerraCycle, transforming hard-to-recycle plastics into new fuels and materials.
• Waste Management that turns plastic trash into industrial fuels and materials.

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• Critical Mineral Processing Technology: Sky Quarry develops and utilizes its proprietary CleanTech technology to efficiently extract rare earth elements and other critical minerals from various materials, including industrial waste streams.
• Rare Earth Elements (REEs): The company produces and supplies high-demand rare earth elements, vital for numerous advanced technologies, through its innovative processing techniques.
• Sustainable Construction Materials (Pozzolan): Sky Quarry extracts and provides pozzolan, a key ingredient for greener cement and concrete production, as a valuable byproduct from its material processing operations.

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Sky Quarry (symbol: SKYQ) is in the early stages of its sustainable asphalt production and recycling business. According to its latest Annual Report on Form 10-K filed with the SEC (for the fiscal year ended July 31, 2023), the company has not yet generated significant revenue from its Sky Quarry operations.

Consequently, Sky Quarry does not currently have established "major customers" to report, as commercial sales from this business segment have not yet commenced or reached a level requiring specific customer disclosure in financial filings.

However, the company's business model is primarily Business-to-Business (B2B), focusing on serving the construction and infrastructure industries. Based on its SEC filings and company descriptions, Sky Quarry aims to sell its products to the following categories of companies and entities:

• Governmental agencies: Such as state and local departments of transportation for road construction and maintenance projects.
• General contractors: Companies involved in large-scale infrastructure and building projects that require asphalt and aggregate materials.
• Asphalt producers: Other companies in the asphalt industry who may utilize Sky Quarry's recycled or sustainable materials as components in their own products.
• Road builders and paving companies: Specialized firms focused on constructing and maintaining roads, highways, and other paved surfaces.
• Other commercial and industrial customers: Any other businesses requiring asphalt and aggregate materials for their operations or projects.

As the company ramps up its operations and begins commercial sales, specific major customers may emerge and be disclosed in future filings if they represent a significant portion of the company's revenue.

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Marcus Laun, Interim Chief Executive Officer, Interim Chief Financial Officer

Mr. Laun is a co-founder of Sky Quarry Inc. and was appointed Interim Chief Executive Officer on August 28, 2025, and again on September 11, 2025, after having also been named Interim Chief Financial Officer on August 28, 2025. He brings over 25 years of capital markets experience, having held senior roles in finance and advised on digital asset initiatives such as tokenization and exchange development. Mr. Laun has also served as Chief Executive Officer at Geopulse Explorations (dba Cannco Brands and Development) since August 2017 and as Vice President for Net Cents Technology, Inc. from March 2020.

Cyla Apache, Vice President of Finance

Ms. Apache was promoted to Vice President of Finance. She has over six years of controllership experience and a strong background in implementing software and developing efficient workflows. Ms. Apache possesses extensive knowledge of tax law and holds an MBA, an MS in Accounting, a CPA designation from the California State Board of Accountancy, and an Enrolled Agent designation from the IRS.

Tom Zickell, Chief Technology Officer

Mr. Zickell serves as the Chief Technology Officer (CTO) at Sky Quarry Inc., where he is responsible for spearheading the company's technological vision and innovation strategy. His role involves the development and implementation of cutting-edge technologies to enhance operational efficiency and drive product development. Mr. Zickell possesses a deep understanding of technological trends and their potential application within the industry.

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The key risks to Sky Quarry's (SKYQ) business are primarily centered around its financial stability, operational execution, and market position.

1. Financial Instability and Liquidity Concerns: Sky Quarry faces significant financial challenges, including ongoing losses, limited cash reserves, and negative cash flow from operations. The company has a heavy reliance on debt and equity financing to support its growth-stage operations and has reported accumulated deficits. Its balance sheet shows liabilities outweighing current assets, and there are concerns about its ability to sustain operations without further capital infusions.
2. Operational Challenges and Scaling Issues: The company's business model hinges on the successful implementation and scaling of its innovative, yet complex, waste-to-energy technologies and facilities. There is a high dependence on completing its flagship facilities and overcoming risks associated with scaling modular technology. Recent financial results have shown declining half-year revenues and volatile gross margins, indicating challenges in achieving consistent operational efficiency and cost discipline.
3. Market Volatility and Regulatory Hurdles: As a small-cap stock, Sky Quarry is subject to high volatility and fluctuations in market sentiment. The company operates in a high-risk sector, and there are inherent regulatory risks within the waste management industry. Furthermore, Sky Quarry has received a Nasdaq deficiency letter due to its stock price falling below the minimum bid requirement, highlighting market skepticism regarding its financial sustainability and overall performance.

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Sky Quarry (NASDAQ: SKYQ) operates in the markets of recycled asphalt shingles and bitumen extraction, producing valuable materials from waste. The company's main products and services include the recycling of waste asphalt shingles to recover oil, sand, and aggregate materials, as well as oil production and refining, and environmental remediation of oil-saturated sands and soils.

Addressable Market Sizes:

Recycled Asphalt Shingles / Recycled Asphalt:

• The global recycled asphalt shingles market size was valued at USD 2.34 billion in 2024 and is projected to reach USD 4.23 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.7% from 2025 to 2033.
• More broadly, the global recycled asphalt market was valued at USD 7.61 billion in 2024 and is projected to reach USD 12.64 billion by 2033, expanding at a CAGR of 5.8% during the forecast period (2025-2033).
• Another estimate places the global recycled asphalt market at USD 9.0 billion in 2025, slated to reach USD 13.5 billion by 2035 at a 4.0% CAGR.
• North America is identified as a dominant region in the recycled asphalt market, with a projected CAGR of 6.6% during the forecast period. Sky Quarry specifically aims to address the issue of 15 million tons of asphalt shingle waste generated annually in the U.S.

Bitumen (Oil Extraction):

• The global bitumen market was valued at USD 77.6 billion in 2023 and is projected to reach USD 90.4 billion by 2030, with a CAGR of 1.8% from 2024 to 2030.
• Other estimates indicate the global bitumen market was valued at USD 75.3 billion in 2024 and is projected to reach USD 128.3 billion by 2034, growing at a CAGR of 5.6% from 2025 to 2034.
• Another report stated the global bitumen market was valued at USD 104.20 billion in 2022 and is expected to register a revenue CAGR of 5.0% during the forecast period.
• The Asia Pacific region accounted for the largest revenue share in the global bitumen market in 2022 and 2023, driven by infrastructure development. North America also represents a significant share of the global bitumen market, accounting for 29.1% in 2023.

Aggregate Materials:

• Sky Quarry also produces aggregate materials, such as crushed stone, sand, and gravel, derived in part from recycled construction materials. The market for these aggregates is intrinsically linked to the broader construction and recycled asphalt markets.

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Sky Quarry (NASDAQ: SKYQ) is strategically positioning itself for future revenue growth over the next two to three years through several key initiatives:

1. Expansion of Foreland Refinery Capacity: Sky Quarry plans to significantly increase the throughput at its Foreland Refinery to its full permitted production capacity, aiming for up to 800,000 barrels per year. This expansion is designed to strengthen regional fuel supply and unlock new revenue opportunities by meeting increasing demand for refined fuels in the Western U.S..
2. Commercialization of PR Spring Site and Waste-to-Energy Strategy: The company is advancing its Utah permit application to commercialize its PR Spring site, which is a crucial component of its scalable waste-to-energy strategy. This site is designed to extract oil from waste asphalt shingles and hydrocarbon resources, with a planned capacity of 2,000 barrels per day. Additionally, Sky Quarry expects to generate revenue from "tipping fees" for accepting waste asphalt shingles, which are anticipated to cover processing costs.
3. Strategic Partnerships for Feedstock and Modular Facilities: Sky Quarry has entered into non-binding Letters of Intent with strategic partners such as Southwind RAS, Right Way Roofing, and R & R Solutions. These partnerships are intended to secure regional feedstock (waste asphalt shingles) and facilitate the deployment of modular processing units, which could expand the company's geographic footprint and access to over 1.5 million tons of asphalt shingle supply annually, forming part of a national expansion strategy.
4. Leveraging Emerging Market Demand for Clean Fuels: Tightening fuel supplies, particularly in California, are creating strong demand signals for Sky Quarry's clean fuel solutions. The company is actively positioning itself to meet this growing demand, capitalizing on market tailwinds for its environmentally conscious fuel strategy in the Western U.S..
5. Digital Asset Initiative and Real-World Asset Tokenization: Sky Quarry is pursuing a digital asset treasury strategy with a capital target of up to $100 million. This initiative aims to strengthen the company's balance sheet and advance the tokenization of its real-world energy commodities. This could open new market channels and potentially allow for the use of digital tokens as collateral with suppliers, diversifying financial strategies and revenue streams.

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Share Issuance

• Sky Quarry completed a public offering in October 2024, raising $6.7 million through the sale of 1,118,005 shares of common stock at $6.00 per share.
• For the six months ended June 30, 2025, the company reported proceeds on issuance of common stock totaling $1,138,077 and preferred stock of $307,921.
• In November 2025, Director and officer Marcus Laun received an equity award of 200,000 common shares under the 2020 Stock Plan, and Director Todd Palin received 150,000 shares immediately vesting and another 400,000 shares vesting over ten months, all at $0.00 per share.

Inbound Investments

• Sky Quarry's board has authorized management to pursue up to $100 million in capital for a digital asset treasury strategy, which focuses on real-world asset tokenization.
• The company is actively exploring a strategic digital asset initiative to tokenize energy commodities to create new market channels and leverage assets on its balance sheet for liquidity without diluting equity holders or incurring additional debt.

Outbound Investments

• Sky Quarry acquired the PR Spring facility in 2020 and the Foreland Eagle Spring Refinery in 2022.
• The acquisition of Foreland was considered immediately accretive to revenues and cash flow, and a strategic fit for vertical integration of oil production and refining from waste materials.
• The company signed Letters of Intent with R & R Solutions and Southwind RAS to explore establishing modular waste-to-energy sites.

Capital Expenditures

• Net cash used in investing activities for the three months ended March 31, 2025, was $(316,210), compared to $(427,666) for the same period in 2024.
• Sky Quarry plans to ramp up operations at its Foreland Refinery to its full permitted production capacity of up to 800,000 barrels per year.
• The company has submitted an application for a recycling permit to develop an integrated energy facility in Utah, aiming to recover oil from waste asphalt shingles and enhance its supply chain.