Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 112

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 2
Chunk 112
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 projects at the One Earth facility and $11.0 million for the carbon
sequestration project. During the first quarter of fiscal year 2024, we purchased U.S. Treasury Bills of approximately $85.0 million.
During the first quarter of fiscal year 2024 U.S. Treasury Bills of approximately $121.5 million matured. The U.S Treasury Bills
had maturities of less than one year and we classified them as short-term investments.

Cash of approximately $32.7 million was
used in financing activities in the first quarter of fiscal year 2025 for the repurchase of the Company’s stock. There were
no repurchases of Company stock in the first quarter of 2024. Additionally, $2.0 million was used in the first quarter of fiscal
year 2025 for payments to non-controlling interests holders, compared to approximately $1.8 million for the first quarter of fiscal
year 2024.

We are investigating various uses for our
excess cash and short-term investments. We expect total capital expenditures related to the construction at the One Earth facilities
to approximate $220 million to $230 million, inclusive of the carbon sequestration project and plant capacity expansion and ongoing
efforts to reduce CI scoring, which we currently plan to pay from our available cash. This estimate is subject to further refinement
as the project progresses. As of April 30, 2025, we had spent $56.3 million since inception and were contractually committed to
spend an additional $0.9 million toward the carbon sequestration project. As of April 30, 2025, we had spent $66.4 million since
inception and were contractually committed to spend an additional $8.3 million toward plant capacity expansion and CI scoring
reduction efforts. For all projects, we plan to spend $60 million to $80 million during the remainder of fiscal year 2025.

We have a stock buyback program with 1,181,963
shares remaining authorized at April 30, 2025. We typically repurchase our common stock when our stock price is trading at a price
we deem to be a discount to the underlying value of our net assets. We continue to seek investment opportunities, including ethanol
and/or energy related, carbon sequestration related, agricultural or other ventures, we believe meet our investment criteria.

Forward-Looking Statements

This Form 10-Q contains or may contain
forward-looking statements