Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 46

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 and CI reduction projects
($33.2 million) and carbon sequestration ($2.8 million). Treasury activity provided net cash, as $129.0 million of purchases were more
than offset by $232.0 million of maturities.

In the first nine months of fiscal 2024, capital expenditures were $55.4 million, primarily at One Earth,
which includes plant expansion and CI reduction projects ($24.5 million) and carbon sequestration ($22.4 million). Treasury activity
also provided net cash, as $210.3 million of purchases were offset by $303.0 million of maturities.

Financing Activities

Net cash used in financing activities was
$35.8 million in the first nine months of fiscal 2025, including $33.4 million for stock repurchases, $2.3 million for payments
to noncontrolling interests and $0.1 million in finance lease payments. In fiscal 2024, financing outflows were $1.9 million, solely
for payments to noncontrolling interests.

Capital Resources

At October 31, 2025, working capital was
$354.2 million with a current ratio of 7.2x. The Company continues to investigate various uses for our excess cash and short-term
investments, including stock repurchases and potential investments in ethanol, energy, carbon sequestration, and agriculture-related
ventures.

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 projects progress. As of October 31, 2025, we had spent $58.1 million
since inception and were contractually committed to spend an additional $0.1 million toward the carbon sequestration project. As
of October 31, 2025, we had spent $97.7 million since inception and were contractually committed to spend an additional $17.0 million
toward plant capacity expansion and CI scoring reduction efforts. For all projects, we plan to spend $25 million to $35 million
during the remainder of fiscal year 2025.

At October 31, 2025, 2,357,186 shares remained
authorized for repurchase under the Company’s buyback program. Repurchases