Sky Quarry Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Item 2. Properties
Our corporate headquarters are located in Woods Cross, Utah, where we lease office space at 707 W. 700 S, Suite 101. We currently lease the following additional principal properties.
We hold mineral leases (or the operating rights under leases) covering approximately 5,930.3 net acres within the State of Utah. Our oilsands remediation at the PR Spring Facility is sited on one of these leases. Terms of the leases are set forth in the table below.
| Reference | Gross Acres | Net Acres | Lease Expiry Date(1) | Annual Rent(2) | Annual Advance Minimum Royalty(3) | Production Royalty Rate(4) |
|---|---|---|---|---|---|---|
| ML-49579 | 50.4 | 50.4 | 12/31/2024 | $500 | $5,000 | 6.5% |
| ML-49927 | 4,319.9 | 4,319.9 | 05/31/2025 | 4,320 | 43,200 | 6.5% |
| ML-51705 | 1,560.0 | 1,560.0 | 01/31/2030 | 1,560 | 15,600 | 8% |
| Total | 5,930.3 | 5,930.3 | $6,380 | $63,800 |
(1)Leases may be extended past expiry date by continued payment of annual rent and annual advance minimum royalty.
(2)Annual rent may be credited against production royalties payable during the year.
(3)Annual advance minimum royalty may be credited against production royalties payable during the year.
(4)The production royalty is payable on the market price of products produced from the leased substances, without deduction of costs for mining, overhead, labor, distribution or general and administrative activities.
We also hold two leased land rights of way rentals in Nye County, Nevada, totaling approximately 40 acres. Our Eagle Springs Refinery is sited on one of these leases.
| Reference | Acres | Lease Expiry Date | Annual Fee |
|---|---|---|---|
| Right-of-Way Grant N-41035 | 19.7 | 12/31/2054 | $2,850 |
| Right-of-Way Grant N-42414 | 20.3 | 12/31/2044 | 1,400 |
We are seeking to develop the 5,930 acres of land in PR Spring, Utah for the production of heavy oil/bitumen and asphalt paving aggregate from bituminous asphaltic sands deposits and are in the process of retrofitting our existing mining and processing facilities to utilize our ECOSolv technology. During the years ended December 31, 2024 and 2023, we conducted no mining operations. As of the date hereof, the PR Spring lands are classified as an exploration stage property and hold no mineral reserves or proven minerals reserves, as those terms are defined in Subpart 1300 of Regulation S-K.
We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable space will be available to accommodate any such expansion of our operations.
Employees
As of December 31, 2024, we had 26 full-time employees and 3 part-time employees and/or contractors.
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