Sky Quarry Inc. (NASDAQ:SKYQ) stock is experiencing a volatile week of trading, pushing higher during Wednesday’s session following a period of profit-taking. The movement follows an operational update issued by the company earlier in the week regarding its infrastructure in Nevada.
Sky Quarry stock fell in Tuesday’s session after soaring nearly 63% on Monday. The pullback occurred as early investors locked in gains following the sharp rally.
Operations Nearing Production Phase
The primary driver of the week’s trading activity is the company’s Monday announcement that it is preparing to begin production at its Foreland Refinery near Ely, Nevada. Operations are expected to commence in July 2026.
The company recently disclosed that it has approximately 10,000 barrels of inventory on-site and more than 100,000 barrels of storage capacity, which management expects to provide greater operational flexibility during the production ramp-up.
Strategic Infrastructure Position
Management highlighted the strategic value of the Foreland Refinery, noting that refining capacity has become increasingly limited across the Western U.S. The venue serves as Nevada’s only operating refinery, producing key products such as diesel, vacuum gas oil, naphtha and asphalt.
Core Business Model
Sky Quarry operates as a development-stage oil-producing and refining company focused on recycling waste asphalt shingles and remediating oil-saturated soils.
Earlier in June, the company launched a crude oil drilling and production initiative in Nevada’s Railroad Valley, intending to refine that crude at the Foreland facility. The transition from preparation to active operations marks a significant operational shift for the company.
SKYQ Stock Price Activity: Sky Quarry shares were up 34.76% at $2.22 at the time of publication on Wednesday, according to Benzinga Pro data.
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