XCF Global, Inc.

XCF Global Granted Additional Period to Regain Listing Compliance by Nasdaq

• Leadership transition reinforces governance structure as Company advances toward next phase of operational readiness and growth

• Chris Cooper to become Board Chair, in addition to his role as Chief Executive Officer

• Wray Thorn to serve as Chairperson of the Finance Committee

• Si‑Yeon Kim to serve as Lead Independent Board Member in addition to her role as Chairperson of the Governance Committee

• Key refinery upgrades completed and process catalyst successfully delivered to New Rise Reno, marking a pivotal operational milestone

• Catalyst loading initiates the final sequencing phase as the facility advances from commissioning toward expected commercial production operations

• XCF remains on schedule for an expected early June 2026 production start, bringing the facility one step closer to fuel production and becoming a revenue-generating asset

Cooper will discuss how renewable and next generation fuels can support domestic energy security, and opportunities to repurpose underutilized industrial infrastructure

Policy momentum and rising demand continue to reinforce long-term growth in renewable fuels, while underscoring the importance of domestic fuel supply and energy security

• Up to 500 kW of power recovered from excess steam to help reduce purchased electricity and support more efficient plant operations

• Approximately 35 gallons per minute of water recovered-more than 50,000 gallons per day, an important conservation measure in an arid operating environment

• Integrated resource recovery initiatives help lower operating costs while supporting XCF's broader efforts to reduce emissions and improve carbon intensity over time

• Upgrade work at the refinery continues to move forward in support of restart planning and operational readiness

• Catalyst manufacturing is complete and delivery remains on track, subject to customary international shipping and customs processes

• XCF continues to target a June 2026 restart

The Transaction is expected to strengthen XCF's balance sheet, supports its financial flexibility and demonstrates key stakeholder's confidence in XCF's long-term strategy.

As global fuel markets tighten, XCF points to renewable fuels' expanding role in domestic supply resilience

XCF Global's New Rise Reno Facility Is Designed for 38M Gallons of Annual Nameplate SAF Capacity

Elevated jet fuel prices reinforce the strategic relevance of domestic, waste-based SAF production

• WTI moved >3% to ~$105.46 (as of 05/04/26)

• Recent public reports citing vessel-tracking data indicate Hormuz traffic is near a standstill

• EIA analysis indicates ~20MM bpd typically transits Hormuz in recent years

Operational and corporate updates highlight leadership actions, a signed definitive business combination agreement (subject to closing conditions), and continued progress toward sustained SAF production. XCF also emphasizes the role of domestic jet fuel alternatives in supporting energy resilience and national security, and its modular, repeatable build-out and licensing model designed to deploy SAF production facilities globally.

Key Developments This Period

Agreement continues through January 1, 2027, subject to specified conditions, supporting New Rise's planned upgrade path and operational progress.

Certification and chain-of-custody systems are valid today, positioning XCF to deliver CORSIA-eligible SAF documentation when production resumes.

• RIN volume increased by 15.6% in 2026 renewable fuel volume requirement vs. 2025 (25.82B RINs vs. 22.33B, reinforcing RIN credit demand under the Renewable Fuel Standard, RFS.

• XCF estimates D4 RINs currently represent approximately ~$3.06 of incremental value per gallon of SBC (synthetic blending component for SAF) in its internal SAF economics framework.

Previously announced licensing agreement with New Rise Australia is expected to enable scalable domestic production to support fuel security.

• Crude exposure can be highly volatile, with global benchmarks swinging sharply over short periods (U.S. EIA).

• Waste‑based SAF inputs are more domestically driven: USDA-reported DCO pricing is primarily influenced by U.S. supply-and-demand fundamentals, such as corn processing volumes, feedstock availability, and downstream renewable fuel demand-rather than global crude disruptions.

XCF Global CEO Chris Cooper discusses sustainable aviation fuel, soaring jet fuel prices, and domestic SAF production on the WTR podcast.

• CEO planning to address how capital and infrastructure alignment can support resilient fuel supply, enabling faster, lower‑risk expansion as demand for sustainable aviation fuel grows.

• CEO is expected to engage investors on aviation fuel supply risks in the UK and Europe, amid rising jet fuel prices, tightening inventories, and growing reliance on imports.

• Discussion to include a highlight XCF's modular, distributed production strategy, designed to deploy scalable fuel capacity closer to customers and feedstock sources.

XCF Global announces CEO Chris Cooper’s participation in a Water Tower Research podcast on SAF, CCUS, and the circular economy.

XCF announces receipt of $10 million in plant conversion funding to support its proposed business combination and advance sustainable aviation fuel production

XCF Targets Up to 38Million Gallons of Annual Neat SAF Production at New Rise Reno Facility Planned Output Expected to Support up to 100 million Gallons of Blended Jet Fuel.

• Creation of a next‑generation energy transition platform: The proposed transaction brings together SAF, green methanol, renewable products, environmental attribute monetization, and advanced energy infrastructure into a single, globally scalable platform.

• Integrated fuels, infrastructure, and environmental markets: The combined company is expected to link low‑carbon fuel production with carbon credits and related instruments, long‑term offtake commercialization, and infrastructure development.

• Supports customer decarbonization strategies: By combining scalable low‑carbon fuels with environmental attribute monetization, the platform helps airlines and corporate customers address regulatory and sustainability requirements with greater flexibility.

Jet fuel prices have nearly doubled in weeks as global supply routes tighten, exposing vulnerabilities in crude-based aviation fuel.

• Ongoing instability in global oil markets continues to underscore risks associated with petroleum‑derived aviation fuel

• Domestic waste‑based SAF uses feedstocks that are not directly linked to global petroleum supply routes and crude oil extraction

• Domestic SAF production contributes to fuel supply resilience while also supporting aviation decarbonization

• Strategic partnership between XCF Global and BGN is expected to be established for a tolling framework for the production of SAF and renewable naphtha

• The proposed agreement seeks to build on the previous MOU focusing on the US. The parties agree to continue to work towards developing Europe and the Middle East through production, offtake, and co-branded distribution agreements

• The proposed agreement seeks to advance global renewable fuel supply chains to meet rapidly rising demand for SAF

• Conversion project remains on schedule, with plant upgrades progressing in line with current development plans.

• Targeted equipment and catalyst updates underway to support anticipated SAF production and operational stability.

• Key catalyst deliveries expected in late May and early June 2026, supporting planned early June 2026 commissioning activities.

• XCF Global and Axens North America's Commercial Collaboration Agreement is intended to enable scalable deployment of renewable fuels.

• Each party will contract independently with project developers, with no joint venture, agency relationship, or exchange of confidential technical information between the companies.

• XCF may independently offer its project management, construction, and operational services based on its experience developing and operating a commercial Vegan^® unit in the United States.

• SAF prices reached an all‑time high as global jet fuel markets tightened due to disruptions in the Strait of Hormuz

• Domestic waste‑based SAF offers a proven, near‑term pathway to reducing aviation emissions

• U.S.‑sourced SAF production provides supply chain stability and emissions reductions through domestically sourced feedstocks

• XCF produces 38 million gallons per year of neat sustainable aviation fuel (SAF) that can be blended to deliver up to 100 million gallons of blended SAF, depending on the blend ratio at its New Rise Reno facility

• William Dale appointed Chief Financial Officer effective January 12, 2026

• Simon Oxley to continue as a consultant to XCF Global to support continuity and ongoing strategic initiatives

• Dale brings more than 25-years of energy industry experience and operational finance leadership to XCF

• XCF is advancing its long-term growth strategy with the development of its SAF production platform, beginning with the planned construction of New Rise Reno 2.

• Bank of America has been engaged to assist XCF in structuring potential debt financing for the project.

• XCF is positioned for growth in a rapidly expanding SAF market projected to exceed $25 billion by 2030 and $250 billion by 2050.

• Potential to bring nuclear power, scalable eSAF production, and environmental-attribute monetization together into a single, integrated clean-energy platform.

• Exploring advancing next-generation eSAF pathways by pairing continuous clean electricity with electrolysis, hydrogen production, and low-carbon fuel synthesis.

• Evaluating high-integrity environmental-attribute structures that combine verifiable power, fuel, and digital MRV to unlock value for airlines and corporate decarbonization customers.

• XCF, Southern Energy, and DevvStream to explore developing a unified commercial platform combining fuel supply, logistics, and environmental-attribute value for aviation and industrial customers

• The parties believe that the partnership has the potential to advance HEFA and next-generation biomass-to-methanol-to-jet SAF pathways

• The parties intend to jointly evaluate the future development of New Rise Louisiana, a SAF facility comparable in size to XCF's New Rise Reno facility of ~40 million gallons

• Initial development completed at New Rise Reno 2, advancing XCF's second SAF production facility and positioning construction to begin in 2026.

• $300 million planned investment will double XCF's total SAF production capacity to ~80 million gallons annually, positioning New Rise Reno as a major U.S. SAF production center.

• Global demand accelerates as mandates tighten, creating one of the strongest growth opportunities in renewable fuels - one that XCF's modular SAF platform is positioned to capture.

• Policy Momentum: Federal and state policy alignment is accelerating nationwide SAF adoption

• Market Opportunity: U.S. SAF market projected at $7 billion by 2030, with a $25 billion global opportunity

• Strategic Investment: $350 million invested in the New Rise Reno facility, advancing America's push to decarbonize aviation

• Strategic partnership between XCF Global and BGN to jointly develop global distribution and logistics infrastructure for SAF and other renewable fuels

• Seeks to expand XCF's international reach into key markets including Europe and the Middle East through production, offtake, and co-branded distribution agreements

• Advances global renewable fuel supply chains to meet rapidly rising demand for SAF

• Seasoned energy-transition executive Chris Cooper appointed Chief Executive Officer and Board Director

• Current XCF Board member, Wray Thorn, appointed Interim Board Chair to focus on strategy, growth, and capitalization

• New Rise Renewables founder Randy Soule to work closely with Mr. Cooper and the XCF Board of Directors as Senior Operations Adviser

• Expands XCF's reach to the ~$17 billion U.S. private aviation market

• Develops new growth channel through Impact Jets' network of ~130 operators

• Accelerates adoption by bringing verifiable, traceable SAF to private jet operators and travelers

• 15-year exclusive license to deploy XCF's modular, scalable renewable fuel platform across Australia, targeting development of three renewable fuel production facilities

• XCF to receive a 12.5%equity stake, licensing fees, and one board seat in New Rise Australia

• Formalizes the June 2025 Memorandum of Understanding and launches the first regional platform under XCF's international expansion strategy

• Transform Byproducts into Power - XCF and Posh Energy intend to deploy Flex-Fuel Gensets at New Rise Reno, converting SAF and renewable diesel byproducts into zero-carbon electricity and unlocking new revenue streams.

• Layered Credit Advantage - Hydrogen produced is expected to qualify for the federal 45V Tax Credits, while the clean power generated can reduce the lifecycle carbon intensity of New Rise Reno's fuels, boosting the value of its 45Z and LCFS credits, or be sold into the local energy grid to meet rising demand for renewable energy.

• Scalable Roadmap - The project is expected to begin with a 100-kW pilot and expand to modular 250-kW units, building toward multi-megawatt capacity.