Sky Quarry Signs LOI To Support BioForce's $25M Nevada Oil Development Funding Effort

Sky Quarry Inc. (NASDAQ:SKYQ), an energy infrastructure company focused on domestic refining and resource development, today announced that it has signed a non-binding letter of intent with BioForce Nanosciences Holdings, Inc. (BFNH) under which Sky Quarry will use commercially reasonable efforts to introduce BioForce, subject to BioForce’s prior written approval of each prospective financing source, to potential financing sources for BioForce’s Nevada oil exploration, drilling and development program. BioForce has advised Sky Quarry that it is seeking approximately $25 million for the program. The arrangement is non-exclusive, and BioForce retains sole discretion to accept or reject any financing proposal. This is the second letter of intent to emerge from Sky Quarry’s efforts to attract development capital to Nevada oil projects.

The agreement advances Sky Quarry’s Nevada Oil Development Program, announced August 5, 2026, which targets up to $50 million in third-party investment directly into qualified producers and projects. The BioForce opportunity illustrates how Sky Quarry intends to put that program to work by bringing a specific exploration project to potential financing sources and evaluating whether successful production could supply its Eagle Springs Refinery. The Nevada program is an initial component of Sky Quarry’s broader Great Basin Energy Initiative.