# EDGAR Filing Document

**Accession Number:** 0002044112
**File Stem:** 0001213900-26-057909
**Filing Date:** 2026-5
**Character Count:** 114037
**Document Hash:** 319c6cba0d1ac46a5e75392a938d16b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-057909.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001213900-26-057909

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTEGRATED RAIL & RESOURCES INC.
- **CENTRAL INDEX KEY:** 0002044112
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 331825873
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56805
- **FILM NUMBER:** 26989398

**BUSINESS ADDRESS:**
- **STREET 1:** 400 W. MORSE BOULEVARD, SUITE 220
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** (321) 972-1583

**MAIL ADDRESS:**
- **STREET 1:** 400 W. MORSE BOULEVARD, SUITE 220
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Uinta Infrastructure Group Corp.
- **DATE OF NAME CHANGE:** 20241107

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Commission File No. 001-41048

**INTEGRATED RAIL & RESOURCES INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **33-1825873** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

400 W. Morse Boulevard, Suite 220

Winter Park, FL 32789

(Address of Principal Executive Offices, including zip code)

(321) 972-1583

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | N/A | N/A |
| Public Warrants, each exercisable for one share of Common Stock at $11.50 per share | N/A | N/A |
| Series A Convertible Preferred Stock, par value $0.0001 per share | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of May 15, 2026, there were 7,010,561 shares of Common Stock, par value $0.0001 per share, issued and outstanding.

**INTEGRATED RAIL & RESOURCES INC. Quarterly Report on Form 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | | **Page** |
| PART I-FINANCIAL INFORMATION | PART I-FINANCIAL INFORMATION |  |
| Item 1: | [Consolidated Financial Statements](#a_001a) | 1 |
|  | [Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#a_001) | 1 |
|  | [Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#a_002) | 2 |
|  | [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three Months Ended March 31, 2026 and 2025](#a_003) | 3 |
|  | [Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#a_004) | 4 |
|  | [Notes to Condensed Consolidated Financial Statements (Unaudited)](#a_005) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_006) | 21 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_007) | 24 |
| Item 4. | [Control and Procedures](#a_008) | 24 |
| [PART II-OTHER INFORMATION](#a_009) | [PART II-OTHER INFORMATION](#a_009) | 25 |
| Item 1. | [Legal Proceedings](#a_010) | 25 |
| Item 1A. | [Risk Factors](#a_011) | 25 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_012) | 25 |
| Item 3. | [Defaults Upon Senior Securities](#a_013) | 25 |
| Item 4. | [Mine Safety Disclosures](#a_014) | 25 |
| Item 5. | [Other Information](#a_015) | 25 |
| Item 6. | [Exhibits](#a_016) | 26 |
| [SIGNATURES](#a_017) | [SIGNATURES](#a_017) | 27 |

---

i

**INTEGRATED RAIL & RESOURCES INC.**

**FINANCIAL STATEMENTS**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31,<br> 2025** |
|  | (Unaudited) | |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $2553946 | $372165 |
| &nbsp;&nbsp;&nbsp;**Total Current Assets** | 2553946 | 372165 |
| Construction in process | 15400913 | 15400913 |
| Land | 6635932 | 6635932 |
| Restricted cash and cash equivalents | 811084 | 811084 |
| Right of use assets | 38544 | 38911 |
| **Total Assets** | $25440419 | $23259005 |
| **Liabilities, Preferred Stock and Stockholders' Deficit** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $8265464 | $10019784 |
| &nbsp;&nbsp;&nbsp;Accrued franchise tax | 232369 | 182369 |
| &nbsp;&nbsp;&nbsp;Accrued excise tax | 3283971 | 3215098 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 343141 | 342651 |
| &nbsp;&nbsp;&nbsp;Advances from related parties | 100770 | 100770 |
| &nbsp;&nbsp;&nbsp;Notes Payable—Sponsor | 5228173 | 5273225 |
| &nbsp;&nbsp;&nbsp;Notes Payable—related parties | 2043710 | 2043710 |
| &nbsp;&nbsp;&nbsp;Convertible promissory notes | 1900000 | 1900000 |
| &nbsp;&nbsp;&nbsp;Conversion event liability |  | 726944 |
| &nbsp;&nbsp;&nbsp;Working Capital Loan—related party | 17935 | 17935 |
| &nbsp;&nbsp;&nbsp;Due to Endeavor | 69028 | 47319 |
| &nbsp;&nbsp;&nbsp;Promissory Note to Sellers | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;Lease liability, current | 1429 | 1449 |
| &nbsp;&nbsp;&nbsp;**Total Current Liabilities** | 33485990 | 35871254 |
| Asset retirement obligation | 567128 | 556884 |
| Lease liability, non-current | 36795 | 37138 |
| Surety reclamation deposit | 308848 | 308848 |
| Warrant liability | 5546000 | 7238000 |
| **Total Liabilities** | 39944761 | 44012124 |
| **Commitments and Contingencies (Note 9)** |  |  |
| Preferred Stock, $0.0001 par value; 10,000,000 shares authorized, 64,555 and 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 6455589 |  |
| **Stockholders' Deficit:** |  |  |
| Common Stock, $0.0001 par value; 200,000,000 shares authorized, 6,575,561 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 658 | 658 |
| Additional paid-in capital | 19868343 | 19868343 |
| Accumulated deficit | (40828932) | (40622120) |
| &nbsp;&nbsp;&nbsp;**Total Stockholders' Deficit** | (20959931) | (20753119) |
| **Total Liabilities, Preferred Stock and Stockholders' Deficit** | $25440419 | $23259005 |

---

**INTEGRATED RAIL & RESOURCES INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br> March 31,** | **For the Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| **EXPENSES** |  |  |
| General and administrative | $(2249352) | $(1035602) |
| Compensation expense | (272140) |  |
| Operations and maintenance | (7833) |  |
| Other operating expenses | (37069) |  |
| &nbsp;&nbsp;&nbsp;Loss from Operations | (2566394) | (1035602) |
| **Other Income (Expense)** |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | 10000 | ― |
| &nbsp;&nbsp;&nbsp;Interest and income earned on cash and trust investments | ― | 34256 |
| &nbsp;&nbsp;&nbsp;Interest expense | ― | (162092) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 1692000 | (1881000) |
| &nbsp;&nbsp;&nbsp;Change in fair value of conversion event liability | 726944 | (12656) |
| &nbsp;&nbsp;&nbsp;Excise tax interest and penalties | (68873) | (288390) |
| &nbsp;&nbsp;&nbsp;**Total Other Income (Expense), net** | 2360071 | (2309882) |
| Loss before provision for income taxes | (206323) | (3345484) |
| Provision for income taxes | (489) | (5851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Loss**  | $(206812) | $(3351335) |
| Weighted average shares outstanding of Common Stock | 6575561 |  |
| **Basic and diluted net loss per share, Common Stock**  | $(0.05) | $— |
| Weighted average shares outstanding of redeemable Class A Common Stock |  | 249659 |
| **Basic and diluted net loss per share, redeemable Class A Common Stock** | $— | $(0.56) |
| Weighted average shares outstanding of non-redeemable Class A and Class B Common Stock |  | 5750000 |
| **Basic and diluted net loss per share, non-redeemable Class A and Class B Common Stock** | $— | $(0.56) |

---

**INTEGRATED RAIL & RESOURCES INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance - January 1, 2026** | **6575561** | $**658** | $**19868343** | $**(40622120)** | $**(20753119)** |
| Net loss |  |  |  | (206812) | (206812) |
| **Balance - March 31, 2026 (Unaudited)** | **6575561** | $**658** | $**19868343** | $**(40828932)** | $**(20959931)** |

---

**FOR THE THREE MONTHS ENDED MARCH 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Class A<br> Common Stock** | **Class A<br> Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance – January 1, 2025** |  | $&nbsp;&nbsp;&nbsp;&nbsp;— | **5750000** | $&nbsp;&nbsp;&nbsp;&nbsp; 575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $**(25489533)** | $**(25488958)** |
| Remeasurement of Common Stock subject to redemption |  |  |  |  |  | (166346) | (166346) |
| Net loss |  |  |  |  |  | (3351335) | (3351335) |
| **Balance – March 31, 2025** |  | $— | **5750000** | $575 | $— | $**(29007214)** | $**(29006639)** |

---

**INTEGRATED RAIL & RESOURCES INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> March,** | **For the Three Months Ended <br> March,** |
|  | **2026** | **2025** |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(206812) | $(3351335) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Interest expense | ― | 162092 |
| Change in fair value of conversion event feature | (726944) | 12656 |
| Amortization of right of use asset | 367 |  |
| Accretion of asset retirement obligation | 10244 |  |
| Interest and income earned on Trust Account investments |  | (34256) |
| Change in fair value of warrant liabilities | (1692000) | 1881000 |
| Changes in Operating Assets and Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1048731) | 24468 |
| &nbsp;&nbsp;&nbsp;Lease liability | (363) |  |
| &nbsp;&nbsp;&nbsp;Accrued franchise tax | 50000 | 6400 |
| &nbsp;&nbsp;&nbsp;Accrued excise tax | 68873 | 288390 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 490 | 5851 |
| **Net Cash Used in Operating Activities** | **(3544876)** | **(1004734)** |
| **Cash Flows from Investing Activities:** |  |  |
| Cash deposited into Trust Account | ― | (150000) |
| **Net Cash Used in Investing Activities** | **―** | **(150000)** |
| **Cash Flows from Financing Activities:** |  |  |
| Repayment of promissory note - Sponsor | (45052) |  |
| Proceeds from Note Payable—related party |  | 1350000 |
| Repayment of Note Payable—related party |  | (11000) |
| Proceeds from issuance of preferred stock | 5750000 |  |
| Proceeds from promissory note – third party | 21709 |  |
| **Net Cash Provided by Financing Activities** | **5726657** | **1339000** |
| **Net Change in Cash and Restricted Cash** | 2181781 | **184266** |
| **Cash – Beginning of Period** | 1183249 | 39938 |
| **Cash and Restricted Cash – End of Period** | $**3365030** | $**224204** |
| **Supplemental Disclosure of Noncash Investing and Financing Activities:** |  |  |
| Remeasurement of Common Stock subject to redemption | $— | $166346 |

---

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2026 (UNAUDITED)**

**NOTE 1 - DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, AND GOING CONCERN**

Integrated Rail & Resources Inc. (formerly known as Uinta Infrastructure Group Corp.) (the "Company") is a Delaware corporation and prior to the Business Combination (defined below), was a direct, wholly-owned subsidiary of Integrated Rail and Resources Acquisition Corp ("Integrated SPAC"). Integrated SPAC was incorporated in Delaware on March 12, 2021. Integrated SPAC was a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. References to "TSII" refer to the private Delaware corporation that is now our wholly-owned subsidiary and named Tar Sands Holdings II, LLC.

On December 12, 2025 (the "Closing Date"), the Company consummated a business combination pursuant to an agreement and plan of merger, dated as of August 12, 2024 (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger, dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger, dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger, dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger, dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger, dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger, dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger, dated December 12, 2025), by and among Integrated Rail and Resources Acquisition Corp., a Delaware corporation, Uinta Infrastructure Group Corp., a Delaware corporation, Uinta Lower Holdings, Inc., a Delaware corporation and wholly owned subsidiary of Uinta Infrastructure Group Corp., Uinta Merger Co., a Delaware corporation and wholly owned subsidiary of Uinta Infrastructure Group Corp., Uinta Merger LLC, a Delaware limited liability company and wholly owned subsidiary of Uinta Lower Holdings, Inc., Tar Sands Holdings II, LLC, a Utah limited liability company, and Endeavor Capital Group, LLC, as company member representative. Pursuant to the terms of the agreement, the business combination between Integrated Rail and Resources Acquisition Corp. and Tar Sands Holdings II, LLC was effected through (i) the merger of Uinta Merger Co. with and into Integrated Rail and Resources Acquisition Corp., with Integrated Rail and Resources Acquisition Corp. continuing as the surviving entity and a wholly owned subsidiary of Uinta Infrastructure Group Corp. (the "SPAC Merger"), and (ii) the merger of Uinta Merger LLC with and into Tar Sands Holdings II, LLC, with Tar Sands Holdings II, LLC continuing as the surviving entity and a wholly owned subsidiary of Uinta Lower Holdings, Inc. (the "Company Merger" and, together with the SPAC Merger, the "Mergers"). The transactions contemplated by the agreement, including the Mergers and the related transactions, are collectively referred to herein as the "Business Combination". Upon consummation of the business combination, Uinta Infrastructure Group Corp., became the public reporting company and was renamed Integrated Rail & Resources Inc., and TSII became a wholly owned subsidiary of Uinta Lower Holdings, Inc. For accounting purposes, the business combination was treated as an asset acquisition in accordance with ASC 805-10-55, as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset or group of similar identifiable assets.

*Crude Oil Supply, Offtake, and Processing Agreement with STUSCO*

On May 7, 2025, the Company entered into a Crude Oil Supply, Offtake, and Processing Agreement with Shell Trading (US) Company ("STUSCO") (the "Offtake Agreement"). Under the agreement, STUSCO will be the exclusive supplier of crude oil to the Company's Vernal, Utah Facility, and the exclusive purchaser of refined products from the Facility, for an initial term of seven years following commencement of operations, with automatic two-year renewal periods thereafter unless terminated by STUSCO. The Company is responsible for the restoration and operation of the Facility at its own cost and risk, and must meet certain conditions precedent, including completion of construction and regulatory approvals, before the agreement becomes fully effective. The agreement provides for pricing based on published market indices with fixed differentials and includes provisions addressing exclusivity, right of first refusal on Facility expansions, most favored nation terms, and customary termination, force majeure, and indemnification clauses.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2026 (UNAUDITED)**

**NOTE 1 - DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS, AND GOING CONCERN - Continued**

**Liquidity and Going Concern**

At March 31, 2026, the Company had $2,553,946 in cash and a working capital deficit of $30,932,044.

The Company consummated its Business Combination on December 12, 2025; however, it has not commenced revenue-generating operations and does not anticipate doing so until the second half of 2027, the expected in-service date for the Facility. Since December 31, 2025, the Company has raised $5,750,000 through the sale of Series A Convertible Preferred Stock.

The Company has incurred and expects to continue to incur significant costs in pursuit of financing after its acquisition on December 12, 2025. There are no assurances that such additional capital will ultimately be available.

In connection with the Company's assessment of going concern considerations in accordance with FASB ASC 205-40, "Presentation of Financial Statements - Going Concern," management believes its current cash position and planned fundraising activities will be sufficient to allow the Company to meet its obligations as they become due within one year from the date these financial statements are issued. However, management has determined that these factors raise substantial doubt about the Company's ability to continue as a going concern for the next twelve months from the issuance of these consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management plans to raise funds through a public offering and will continue its efforts to consummate such a financing.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulation of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the period presented.

The accompanying unaudited statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on April 1, 2026 which contains the audited consolidated financial statements and notes thereto.

The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future interim periods.

**Principles of Consolidation**

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated.

**Segment Reporting**

The Company complies with ASC Topic 280, "Segment Reporting", which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

**Emerging Growth Company**

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of the warrant liabilities.

**Concentration of Credit Risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

**Net Loss Per Common Stock**

Net loss per common stock is computed by dividing net loss excluding accrued preferred stock dividends, by the weighted average number of shares of common stock outstanding for the period. For the three months ended March 31, 2025, the Company had two classes of common stock outstanding. The Company applied the two-class method in calculating net loss per common stock. Accretion associated with the redeemable shares of Class A common stock is excluded from loss per common stock as the redemption value approximates fair value. For the three months ended March 31, 2026 the Company had only Common Stock outstanding.

The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,900,000 shares in the calculation of diluted loss per share or the shares that may be acquired in association with the Company's convertible promissory note, since the exercise of the warrants and the shares acquired in association with the convertible promissory note are contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods presented. As of March 31, 2026 and 2025, the Company did not have any dilutive securities or other contracts that could potentially be exercised or converted into shares of common stock and then share in the earnings of the Company. As of March 31, 2026, shares of the Company's Series A preferred stock may be converted into common stock and participate in dividends. Additionally, the Company has convertible promissory notes that may be converted into an aggregate of 435,000 shares of the Company's common stock. Conversion of the preferred stock and promissory notes would be anti-dilutive. As a result, diluted net loss per common stock is the same as basic net loss per common stock for the periods presented.

The following table reflects the calculation of basic and diluted net loss per common stock (in dollars, except per share amounts):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** | **2025** |
|  | **Common Stock** | **Shares Subject<br> to Possible<br> Redemption** | **Shares Not<br> Subject<br> to Possible<br> Redemption** |
| Basic and diluted net loss per common stock |  |  |  |
| *Numerator:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of net loss | $(206812) | $(139456) | $(3211879) |
| &nbsp;&nbsp;&nbsp;Less: cumulative preferred dividends | (116094) |  |  |
| &nbsp;&nbsp;&nbsp;Net loss available to common stock | (322906) | (139456) | (3211879) |
| *Denominator:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted weighted average common shares outstanding | 6575561 | 249659 | 5750000 |
| Basic and diluted net loss per common stock | $(0.05) | $(0.56) | $(0.56) |

---

**Class A Common Stock Subject to Possible Redemption**

Prior to the Business Combination, the Company accounted for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480. Upon the closing of the Business Combination on December 12, 2025, all remaining Class A common stock subject to possible redemption was either redeemed or reclassified to permanent equity.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480. Shares of common stock subject to redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including shares of common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity.

At all other times, shares of common stock are classified as stockholders' equity. The Company's Public Shares feature redemption rights, are considered to be outside of the Company's control and subject to the occurrence of uncertain future events. The valuation of common stock subject to redemption includes the Company's estimate of interest held in the Trust Account that is available for payment of taxes, and excludes dissolution expense of up to $100,000 since it is only taken into account in the event of the Company's liquidation.

As of March 31, 2026 and December 31, 2025, there are no shares of common stock subject to possible redemption outstanding.

**Warrant Liabilities**

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, Distinguished Liabilities from Equity ("ASC 480") and ASC 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

**Derivative Financial Instruments**

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the consolidated balance sheet date.

**Convertible Promissory Note**

The Company's convertible promissory note issued to B H, Inc. in 2024 contains a conversion feature whereby, upon consummation of the proposed Business Combination with TSII, the note shall convert into 355,000 shares of the Company's common stock. The Company treats this conversion feature as an embedded derivative in accordance with ASC 815 and bifurcates the embedded derivative from the host contract. As such, the conversion event liability is reported on the unaudited condensed consolidated balance sheets at fair value upon inception of the convertible promissory note. Changes in its fair value are reported on the consolidated statements of operations as change in fair value of conversion event liability. On April 3, 2026, the Company converted the outstanding Promissory Notes held by B H, Inc. into common stock.

The convertible promissory note was issued at its face value of $1,500,000 and is reported net of a debt discount representing the initial fair value of the conversion event liability. In accordance with ASC 835, Interest ("ASC 835"), the Company capitalized the debt discount of $667,066 and is amortizing the debt discount ratably to interest expense on the consolidated statements of operations. The debt discount was fully amortized as of December 31, 2025. For the three months ended March 31, 2026 and 2025 the Company recognized $0 and $162,092, respectively, in interest expense related to the amortization of the debt discount. The Company presents the convertible promissory note on the consolidated balance sheets at face value, net of its amortized debt discount.

The Company's convertible promissory notes issued to Paul Gonzalez in 2025 contain a conversion feature whereby, upon consummation of the proposed Business Combination with TSII, the notes shall convert into 80,000 shares of the Company's common stock. The Company treats this conversion feature as an embedded derivative in accordance with ASC 815 and bifurcates the embedded derivative from the host contract. As such, the conversion event liability is reported on the consolidated balance sheets at fair value upon inception of the convertible promissory note. Changes in its fair value are reported on the consolidated statements of operations as change in fair value of conversion event liability. On April 3, 2026, the Company converted the outstanding Promissory Notes held by Paul Gonzalez into common stock.

The convertible promissory notes were issued at their face value of $400,000 and is reported net of a debt discount representing the initial fair value of the conversion event liability. In accordance with ASC 835, Interest ("ASC 835"), the Company capitalized the debt discount of $105,570 and was fully amortized as of December 31, 2025.

For the three months ended March 31, 2026 and 2025, the Company recognized no interest expense related to the amortization of the debt discount. The Company presents the convertible promissory notes on the consolidated balance sheets at face value, net of its amortized debt discount.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

**Series A Preferred Stock**

On January 23, 2026, the board of directors authorized 80,000 shares of Series A Convertible Preferred Stock with a $100 stated value per share. The stock carries a 12% annual dividend, increasing to 15% upon noncompliance, with an initial $10 conversion price and additional rights, including voting rights, dividend participation, and a residual interest upon liquidation.

Additionally, the Series A preferred stock contains redemption features, none of which represent an unconditional obligation to redeem at a fixed or determinable date or upon an event that is certain to occur. All redemption provisions are either contingent or exercisable at the option of the holder or the Company. The Series A preferred stock carries a redemption (put) feature which allows the holder to require cash redemption upon a change of control or after the seventh anniversary if specified listing conditions are not met. This embedded feature does not qualify as a derivative under ASC 815.

The company complies with ASC 480-10-S99 for its Series A Preferred Stock. Accordingly, the Series A Preferred Stock is subject to classification outside of permanent equity.

**Fair Value of Financial Instruments**

The fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurement ("ASC 820"), approximates the carrying amounts represented in the accompanying consolidated balance sheets, primarily due to their short-term nature. The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within the framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company's principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity's own assumptions based on market data and the entity's judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.

The carrying amounts reflected in the consolidated balance sheets for cash, accounts payable, accrued expenses, and due to related party approximate fair value due to short-term nature.

Level 1- Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2- Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3- Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

See Note 7 for additional information on assets and liabilities measured at fair value.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

**Stock-based Compensation**

The transfer of the Founder Shares to independent directors is in the scope of FASB ASC Topic 718, "Compensation-Stock Compensation" ("ASC 718"). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As per the Sponsor Letter Agreement with Creto IRRX PIPE Investment, LLC, dated January 23, 2026, there are performance hurdles specific to barrel production that allow for the vesting of shares. These hurdles are 16,170 barrels per day for three (3) consecutive months ("Hurdle One") that would vest 25% of Founder Shares, and 49,000 barrels per day for three (3) consecutive months ("Hurdle Two") which would then vest the remaining 75%. For 25% of the Founder Shares, should the daily value weighted average price of the Common Stock for any 20 of 30 consecutive trading days be equal to or exceed $18.00 per share, the 25% will vest in lieu of Hurdle One. The Facility will not be operational until the second half of 2027, therefore no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date Hurdle One or Hurdle Two is satisfied in an amount equal to the number of Founders Shares that ultimately vest multiplied times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.

**Income Taxes**

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the consolidated financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company's effective tax rate for the three months ended March 31, 2026 and 2025, was (0.5)%, and (0.2)%, respectively. The effective tax rate differs from the statutory tax rate of 21% for the three months ended March 31, 2026, primarily due to the change in the fair value of the warrants, conversion event liability, and the valuation allowance on the deferred tax assets.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the consolidated financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company's management determined that the United States is the Company's only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits and underpaid income taxes as income tax expense. There were no unrecognized tax benefits as of March 31, 2026, and December 31, 2025, and the Company recognized $0 in accrued interest and penalties related to unrecognized tax benefits at March 31, 2026, and December 31, 2025, respectively. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Since the Company was incorporated on March 12, 2021, the evaluation was performed for the 2025, 2024, 2023, 2022 and 2021 tax years, which are the only periods subject to examination.

**Risks and Uncertainties**

On August 16, 2022, the Inflation Reduction Act of 2022 (the "IR Act") was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% Excise Tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax.

The U.S. Department of the Treasury (the "Treasury") has authority to provide regulations and other guidance to carry out, and prevent the abuse or avoidance of, the excise tax. On December 27, 2022, the Treasury published Notice 2023-2 as interim guidance until the publication of forthcoming proposed regulations on the excise tax. During the second quarter of 2024, the IRS issued final regulations with respect to the timing and payment of the excise tax.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued**

On November 24, 2025, the Treasury Department and Internal Revenue Service issued final regulations regarding the application of the excise tax on repurchases of corporate stock. The final regulations generally allow a scope exception for companies that completed their initial public offering prior to August 16, 2022 and completed stock repurchases pursuant to unilateral put rights occurring after December 31, 2022.

As of March 31, 2026 and December 31, 2025, the Company is reporting $3,283,971 and $3,215,098, respectively, in excise taxes and related interest and penalties on the condensed consolidated balances sheets.

The Company intends to file amended excise tax returns seeking a reversal of the excise tax liability and related interest and penalties. The Company has not recorded any adjustments to the excise taxes for this change in regulations.

**Recent Accounting Pronouncements**

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's condensed consolidated financial statements.

**Cash and Cash Equivalents**

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2026 and December 31, 2025.

**Investments Held in Trust Account**

Upon the close of the Business Combination on December 12, 2025, the Trust Account was liquidated with the Company receiving $280,694, net of expenses paid to the trustee.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 3 - RELATED PARTY TRANSACTIONS**

**Founder Shares**

The holders of the Founder Shares have agreed not to transfer, assign, or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of an initial Business Combination and (B) subsequent to an initial Business Combination, (x) if the closing price of Class A common stock equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after an initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Stockholders having the right to exchange their common stock for cash, securities or other property. In addition, the Sponsor, as the holder of the Founder Shares, has agreed to subject certain shares of Common Stock to vesting provisions tied to Operating Hurdles.

As per the Sponsor Letter Agreement with Creto IRRX PIPE Investment, LLC, dated January 23, 2026, there are performance hurdles specific to barrel production that allow for the vesting of shares. These hurdles are 16,170 barrels per day for three (3) consecutive months ("Hurdle One") and that would vest 25% of Founder Shares, and 49,000 barrels per day for three (3) consecutive months ("Hurdle Two") which would then vest the remaining 75%. For 25% of the Founder Shares, should the daily value weighted average price of the Common Stock for any 20 of 30 consecutive trading days is equal to or exceeds $18.00 per share, the 25% will vest in lieu of Hurdle One. The Facility will not be operational until the second half of 2027, therefore no stock-based compensation expense has been recognized.

**Related Party Loans**

On January 12, 2023, the Company issued an unsecured promissory note (the "Note Payable-Related Party") to Trident Point 2, LLC ("Trident"), a related party through common ownership, pursuant to which the Company was entitled to borrow up to an aggregate principal amount of $600,000 in order to fund working capital deficiencies or finance transaction costs in connection with an intended Business Combination. All unpaid principal under the Note Payable-Related Party was due and payable in full on the date on which the Company consummated an initial Business Combination.

On February 8, 2024, the Company issued an additional unsecured promissory note to Trident, pursuant to which the Company is entitled to borrow up to an aggregate principal amount of $750,000 from Trident in order to fund costs reasonably related to an initial Business Combination for the Company, including without limitation both the daily operations of the Company prior to an initial Business Combination and potential monthly extensions to the time period for the Company to enter into and complete an initial Business Combination. All unpaid principal under the promissory Note was due and payable in full on the earlier of (i) November 15, 2024 or (ii) the date on which the Company consummates an initial Business Combination. On January 10, 2025, the Company amended and restated the promissory note to amend the Maturity Date (as defined in the promissory note) to the earlier of (i) May 15, 2025 or (ii) the date on which the Company consummates an initial Business Combination. In connection with the approval of the May 2025 Extension Amendment Proposal, the Company amended and restated the unsecured promissory note to Trident to amend the Maturity Date (as defined in the unsecured promissory note) to the earlier of (i) July 15, 2025 or (ii) the date on which the Company consummates an initial Business Combination

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 3 - RELATED PARTY TRANSACTIONS – Continued**

On February 10, 2025, the Company issued an additional unsecured promissory note to Trident, pursuant to which the Company was entitled to borrow up to an aggregate principal amount of $1,350,000 from Trident in order to fund costs reasonably related to an initial Business Combination for the Company, including without limitation both the daily operations of the Company prior to an initial Business Combination and potential monthly extensions to the time period for the Company to enter into and complete an initial Business Combination. All unpaid principal under the promissory note was due and payable in full on the earlier of (i) May 15, 2025, or (ii) the date on which the Company consummates an initial Business Combination.

On July 14, 2025, the Company amended and restated the unsecured promissory notes to Trident to amend the Maturity Date to the earlier of (i) September 15, 2025 or (ii) the date on which the Company consummates an initial Business Combination. No interest accrues on the unpaid principal balance of the promissory note. As of the filing of this Form 10-Q, the principal amount on the notes to Trident have not been repaid.

At March 31, 2026 and December 31, 2025, the Company reported the notes payable to Trident as Notes Payable – related parties of $2,043,710, on the condensed consolidated balance sheets.

Endeavor has advanced the Company funds for the payment of working capital. As of March 31, 2026 and December 31, 2025, the Company reported $69,028 and $47,319 as due to Endeavor on the condensed consolidated balance sheets. The advances from Endeavor are non-interest bearing and payable in conjunction with the $12 million Promissory Note to Sellers.

On April 13, 2023, the Company issued an unsecured promissory note to the Sponsor ("Note Payable—Sponsor"), pursuant to which the Company was entitled to borrow up to an aggregate principal amount of $4,153,244. On August 14, 2023, the Company amended the original promissory note and increased the borrowing limit up to $8,400,000 from the Sponsor to fund costs related to the extension of the date by which the Company must consummate an initial Business Combination pursuant to the Amended and Restated Certificate of Incorporation. These borrowings from the Sponsor are non-interest bearing and were due upon consummation of the Company's Business Combination. As of March 31, 2026 and December 31, 2025, the Company has borrowed and owes $5,228,173 and $5,273,225 under the Note Payable—Sponsor, respectively. As of the filing of this Form 10-Q, the principal amount on the notes to the Sponsor have not been repaid.

On September 14, 2023, the Company issued an unsecured non-interest bearing promissory note to the Sponsor ("Working Capital Loan—Related Party"), pursuant to which the Company was entitled to borrow up to an aggregate principal amount of $17,935 from the Lender in order to fund costs reasonably related to an initial Business Combination for the Company. All unpaid principal under the promissory note was due and payable in full the date on which the Company consummated its initial Business Combination. At March 31, 2026 and December 31, 2025, the Company reported $17,935 as Working Capital Loan – Related Party on the consolidated balance sheets. As of the filing of this Form 10-Q, the principal amount on this note to the Sponsor has not been repaid.

A related party of the Company has paid operating expenses on behalf of the Company. These amounts were reflected on the consolidated balance sheets as Advances from Related Parties. The advances are non-interest bearing and are payable on demand. As of March 31, 2026 and December 31, 2025, the Company had an outstanding balance under advances from related parties of $100,770.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 3 - RELATED PARTY TRANSACTIONS – Continued**

On October 11, 2024, the Company issued a convertible promissory note in the principal amount of $1,500,000 to B H, Inc. The note provided for automatic conversion into 355,000 shares of the Company's Common Stock upon the closing of the Business Combination. On April 3, 2026, the Company converted the outstanding Promissory Notes held by B H, Inc. into common stock.

In October 2025, the Company issued convertible promissory notes in the aggregate principal amount of $400,000 to Paul Gonzalez. The notes provided for automatic conversion into 80,000 shares of the Company's Common Stock upon the closing of the Business Combination. On April 3, 2026, the Company converted the outstanding Promissory Notes held by Paul Gonzalez into common stock.

**Administrative Services Agreement**

The Company entered into an agreement commencing on the date that the Company's securities were first listed on the New York Stock Exchange through the earlier of consummation of an initial Business Combination or the liquidation, which provides that the Company would pay the Sponsor $10,000 per month for office space, secretarial and administrative services provided to the Company.

At December 31, 2024, the Company owed $120,000 under this agreement. On March 21, 2025, the Sponsor agreed to waive any and all rights to receive any and all current and future payments owed to it by the Company under the agreement. At March 31, 2025, the Sponsor waived $120,000 in administrative services fees which are reflected as a reduction of general and administrative expenses.

**NOTE 4 - COMMITMENTS & CONTINGENCIES**

**Registration and Stockholder Rights**

The holders of the Founder Shares (including the Class B common stock converted to Class A common stock), Private Placement Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and stockholder rights agreement signed in relation to the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of an initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

**Underwriting Agreement**

The underwriters were due a deferred underwriting commission of $0.35 per unit, or $8,050,000 in the aggregate. Subsequently, the underwriters agreed to a partial waiver of its deferred underwriting commission upon the Company's closing of its Business Combination totaling $6,300,000. The deferred fee became payable to the underwriters upon the Company completing a Business Combination. At March 31, 2026 and December 31, 2025, balance due of $1,750,000 was reported in accounts payable and accrued expenses on the condensed consolidated balance sheets.

**Warrants**

The Company accounted for the 20,900,000 warrants issued in connection with the Initial Public Offering (the 11,500,000 Public Warrants and the 9,400,000 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provided that because the warrants did not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company classified the Public and Private Placement Warrants as a liability at its fair value. This liability was subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability was adjusted to fair value, with the change in fair value recognized in the Company's consolidated statements of operations. Upon closing of the Company's Business Combination on December 12, 2025, the Company's Public Warrants were reclassified from a liability to equity and the Company's Private Placement Warrants continued to be classified as a liability on the condensed consolidated balance sheets at March 31, 2026 and December 31, 2025.

**Investment Banking Advisory Agreement**

The Company entered into an investment banking advisory services agreement in August of 2024 pursuant to which fees will be paid upon the closing of an acquisition during the term of the agreement through 12 months after the termination of the agreement. The Company is contracted to pay, upon consummation of the Business Combination, a cash acquisition fee equal to $1,750,000. The Company incurred this expense upon Closing of its Business Combination and reported a payable on the condensed consolidated balance sheets as at March 31, 2026 and December 31, 2025.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 5 - WARRANT LIABILITIES**

The warrants discussed in Note 4 have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional shares of common stock or equity- linked securities for capital raising purposes in connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described under "Redemption of warrants when the price per share of common stock equals or exceeds $18.00" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the shares of common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers' permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Stockholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon a minimum of 30 days' prior written notice of redemption to each warrant holder; and

● the last sales price of the common stock reported has been at least $18.00 per share on each of twenty trading days within the thirty trading-day period ending on the third trading day prior to the date on which notice of the redemption for the Public Warrants is given.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable, the Company may not exercise its redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. The Company will use its commercially reasonable best efforts to register or qualify such shares of common stock under the blue sky laws to the extent an exemption is not available.

If the Company calls the warrants for redemption as described above, management will have the option to require all holders that wish to exercise warrants to do so on a "cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis," management will consider, among other factors, the Company's cash position, the number of warrants that are outstanding and the dilutive effect on its stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of the warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair market value" by (y) the fair market value. The "fair market value" shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

None of the Private Placement Warrants will be redeemable by the Company so long as they are held by the Sponsor, the affiliates of the Sponsor, or its permitted transferees.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 6 - STOCKHOLDERS' EQUITY (DEFICIT)**

**Preferred Stock** - The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share. At March 31, 2026 and December 31, 2025, there were 64,555 and 0 shares of Series A Convertible Preferred Stock issued and outstanding, respectively, which are reflected as mezzanine equity.

**Common Stock** - The Company is authorized to issue 200,000,000 shares of Common Stock with a par value of $0.0001 per share. Holders of the Company's Common Stock are entitled to one vote for each share. At March 31, 2026 and December 31, 2025, there were 6,575,561 shares of Common Stock issued and outstanding.

**Warrants** - As of March 31, 2026, 11,500,000 Public Warrants were outstanding and classified as equity, and 9,400,000 Private Placement Warrants were outstanding and classified as liabilities. Each warrant entitles the holder to purchase one share of Common Stock at $11.50 per share. The warrants expire five years after the completion of the Business Combination.

Stockholders of record are entitled to one vote for each share of Common Stock held on all matters to be voted on by stockholders.

On November 13, 2024, the holders of the Company's Class B common stock converted all issued and outstanding shares of Class B common stock (5,750,000 shares), on a one-for-one basis, into shares of Class A common stock. The newly issued shares of Class A common stock continue to be referred to as Founder Shares (discussed in Note 4). As such, the newly issued shares of Class A common stock were not redeemable and continue to carry restrictions regarding their assignment, transference and selling of the shares. Upon closing the Company's Business Combination, the Company's Class A common stock converted into the Company's Common Stock.

**NOTE 7 - FAIR VALUE MEASUREMENTS**

The following tables presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Fair Value** |
| <br>**Description** | **Level 1** | **Level 2** | **Level 3** |
| Liabilities |  |  |  |
| Warrant Liability—Private Placement Warrants | $— | $— | $5546000 |

---

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Fair Value** |
| <br>**Description** | **Level 1** | **Level 2** | **Level 3** |
| Liabilities |  |  |  |
| Conversion event liabilities | $— | $— | $726944 |
| Warrant Liability—Private Placement Warrants | $— | $— | $7238000 |

---

The Company utilized an independent third party to model the valuation of the conversion event liabilities using a probability weighted calculation valuing the convertible promissory notes with and without the conversion event feature. Included in the model are assumptions related to the Company's stock price, discount rate, probability of closing on its proposed Business Combination, expected time until closing of its proposed Business Combination, and a market adjustment for the implied probability of closing on its proposed Business Combination.

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 7 - FAIR VALUE MEASUREMENTS – Continued**

The Company estimates the discount rate based on the term matched yield. The probability of closing on a proposed Business Combination is based on an analysis of peer companies completing a business combination compared to liquidating. The years to expiration is based on the expected time until closing on its proposed Business Combination. And the model has a market adjustment for implied probability of acquisition based on an analysis of peer companies' closing stock price, rights coverage and share rights price.

The following table provides significant inputs used to determine the fair value of the conversion event liability:

---

| | |
|:---|:---|
|  | **December 31,<br> 2025** |
| Share price | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50 |
| Discount rate | 14.5% |
| Probability of close | 90.0% |
| Years to expiration | 0.25 |
| Market adjustment for implied probability of acquisition | NA% |

---

The Private Placement Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the Company's consolidated balance sheets at March 31, 2026 and December 31, 2025. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statements of operations.

The following table provides significant inputs to the independent third party's pricing model for the fair value of the Private Placement Warrants at March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31,<br> 2025** |
| Share price | $15.00 | $6.50 |
| Exercise price | $11.50 | $11.50 |
| Years to expiration | 4.70 | 4.95 |
| Volatility | 1.8% | 28.0% |
| Risk-free rate | 3.83% | 3.66% |
| Dividend yield | 0.00% | 0.00% |

---

The following table provides a summary of the changes in the fair value of the Company's Level 3 financial instruments that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Private Placement Warrants** | **Conversion Feature** |
| Changes in fair value of financial liabilities measured with level 3: |  |  |
| January 1, 2026 | $7238000 | $726944 |
| Change in fair value | (1692000) | (726944) |
| March 31, 2026 | $5546000 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Private Placement Warrants** | **Public Warrants** | **Conversion Feature** |
| Changes in fair value of financial liabilities measured with level 3: |  |  |  |
| January 1, 2025 | $1880000 | $2300000 | $684887 |
| Initial value of October 2025 Conversion Event Liability |  |  | 105570 |
| Reclassification from a liability classification to equity |  | (11500000) |  |
| Reclassification of Public Warrants to Level 3 |  |  |  |
| Change in fair value | 5358000 | 9200000 | (63513) |
| December 31, 2025 | $7238000 | $— | $726944 |

---

**INTEGRATED RAIL & RESOURCES INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2026 (UNAUDITED)**

**NOTE 8 - SEGMENT INFORMATION** 

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment.

On December 12, 2025, the Company closed on its Business Combination and is no longer a blank check company. The Company owns certain oil and gas assets at Asphalt Ridge, northeastern Utah, and intends to upgrade and bring its Facility online to process and refine feedstock oil. The Company has not commenced revenue-generating operations, has no operating revenue, and all activity relates to post-Business Combination integration, general Facility operating costs, capital raising, and development of the Facility.

The CODM has determined that consolidated net income or loss is the primary measure of segment profit or loss. As the Company has no operating revenue and no capabilities of generating cash, operating expenses are reviewed and monitored by the CODM to manage and forecast cash and to ensure sufficient capital is available to complete a Business Combination within the Combination Period. The CODM also reviews operating expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Operating expenses are considered the Company's primary significant expenses. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

The following table provides the significant expenses and other expenses that are regularly provided to the CODM and included in segment profit or loss.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br> March 31,** | **For the Three Months Ended<br> March 31,** |
|  | **2026** | **2025** |
| Operating expenses | $(2566394) | $(1035602) |
| Excise tax interest and penalties | $(68873) | $(288390) |
| Provision for income taxes | $(489) | $(5851) |
| Interest expense, net | $— | $(162092) |
| Change in fair value of warrant liabilities | $1692000 | $(1881000) |
| Change in fair value of conversion event liability | $726944 | $(12656) |

---

The Company has incurred other expenses in the form of excise tax interest and penalties related to the Company's excise taxes. The CODM monitors the excise tax interest and penalties as the interest and penalties continue to accrue until all past due excise taxes, and related interest and penalties, are fully paid. Additionally, payment of excise tax interest and penalties require a cash outflow from the Company's operating account or from cash that may be received from sources outside of the Company.

The provision for income taxes is reviewed by the CODM as other expenses of the Company. Income taxes were an expense that is payable with earnings from the Trust Account. The CODM monitored earnings in the Trust Account to ensure there are sufficient earnings available to pay the Company's income taxes.

**NOTE 9 - SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than stated below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

On April 7, 2026, the Company paid the Internal Revenue Service (the "IRS") approximately $343,000 to satisfy the outstanding corporate income tax liability consisting of taxes due from December 31, 2024, and associated penalties and interest.

On April 8, 2026, the Company submitted an amended Form 720 tax return for the period ending December 31, 2023. The amended tax return addresses the excise tax for redemptions of corporate stock and looks to take advantage of recent Treasury and IRS final regulations pertaining to possible limited relief from stock repurchase excise taxes. The excise tax was incurred while the Company was organized as a SPAC.

On April 3, 2026, the Company converted the outstanding Promissory Notes held by B H, Inc. and Paul Gonzalez into Common Stock, resulting in a reduction of Promissory Notes outstanding by $1,900,000 and increasing our common stock by 435,000 shares outstanding.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

References in this report (the "Quarterly Report") to "we," "us," "our," or the "Company" refer to Integrated Rail & Resources Inc. and its consolidated subsidiaries. References to "TSII" refer to Tar Sands Holdings II, LLC, our wholly owned subsidiary. References to the "Sponsor" refer to DHIP Natural Resources Investments, LLC. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto contained elsewhere in this Quarterly Report, as well as the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

**Overview**

Integrated Rail & Resources Inc. is an energy infrastructure and processing company focused on repurposing and upgrading legacy oil sands and refining assets to support third-party feedstock processing and refined-product delivery. The Company is a Delaware corporation that, in 2025, consummated the Business Combination with TSII. Its core assets are located at Asphalt Ridge in northeastern Utah, one of the largest and most accessible oil sands deposits in the United States, where the Company owns 760 acres of fee-simple land, a permitted open-pit mine, and an existing large-scale extraction, refining and terminaling facility in Vernal, Utah (the "Facility"). With the planned equity and debt capital raises following the Business Combination, together with commitments under the Shell Commitment Agreement, the Company intends to upgrade and bring its existing Facility online to process and refine third-party crude feedstock into products meeting customer specifications. The expected In-Service Date for the Facility is during the second half of 2027.

**Business Combination**

On December 12, 2025, the Company consummated its Business Combination with TSII pursuant to the Merger Agreement. The Business Combination was accounted for as an asset acquisition in accordance with ASC 805-10-55. Prior to the Business Combination, the Company (then Integrated Rail and Resources Acquisition Corp.) was a Special Purpose Acquisition Company ("SPAC"). As a result, the Company's historical financial results prior to the Business Combination reflect the operations of the SPAC, and the financial results after the Business Combination reflect the combined operations. Upon close of the Business Combination, the trust account was terminated and the remaining funds were transferred to the Company's operating bank account.

**PIPE Investment**

On January 23, 2026, the Company entered into a Securities Purchase Agreement with Creto IRRX PIPE Investment, LLC ("Creto") for the sale of Series A Convertible Preferred Stock. Creto invested $2,550,000 on January 23, 2026, $2,750,000 on February 6, 2026, and $450,000 on March 23, 2026 and acquired an aggregate of 57,500 Series A Preferred Stock. The Series A Convertible Preferred Stock is convertible into shares of Common Stock pursuant to a Certificate of Designations. Key covenants include information and "blue sky" undertakings, use of proceeds aligned to an agreed operating budget, and maintenance of sufficient authorized common stock for full conversion.

**Series A Preferred Stock Issued to Creditor**

In February 2026, one of the Company's creditors agreed to receive 7,055 shares of the Company's Series A Preferred Stock as payment for $705,589 of the Company's payables. The Series A Convertible Preferred Stock is convertible into shares of Common Stock pursuant to a Certificate of Designations. Key covenants include information and "blue sky" undertakings, use of proceeds aligned to an agreed operating budget, and maintenance of sufficient authorized common stock for full conversion.

**Results of Operations**

Prior to the close of the business combination, the Company was a SPAC and had neither engaged in any operations nor generated any operating revenues. Our only activities from inception through December 12, 2025 were organizational activities and those necessary to prepare for the Initial Public Offering and an initial Business Combination. We generated non-operating income in the form of interest income on marketable securities held in the Trust Account after the Initial Public Offering. After the close of the business combination, we have not generated any operating revenue.

For the three months ended March 31, 2026, we had net loss of $206,812, which consisted of a change in fair value of warrant liabilities of $1,692,000, change in fair value of the conversion even liability $726,944 and rental income of $10,000, partially offset by operating costs of $2,566,394 and excise tax interest and penalties of $68,873.

For the three months ended March 31, 2025, we had a net loss of $3,351,335, which consisted of change in fair value of warrant liabilities of $1,881,000, operating costs of $1,035,602, excise tax interest and penalties of $288,390, interest expense of $162,092, change in fair value of conversion event of $12,656, and a provision for income taxes of $5,851, partially offset by the interest and income earned on cash and investment in the Trust Account of $34,256.

**Liquidity and Capital Resources**

At March 31, 2026, we had $2,553,946 in cash and a working capital deficit of $30,932,044.

For the three months ended March 31, 2026, cash used in operating activities was $3,544,876. Net loss of $206,812 was affected by change in fair value of warrant liabilities of $1,692,000, change in fair value of conversion event liability of $726,944, offset by accretion of asset retirement obligation $10,244 and amortization of right to use assets of $367. Changes in operating assets and liabilities used $929,731 of cash from operating activities.

For the three months ended March 31, 2025, cash used in operating activities was $1,004,734. Net loss of $3,351,335 was affected by change in fair value of Warrant Liabilities of $1,881,000, interest and income on cash and Trust Account investments of $34,256, interest expense of $162,092 and change in fair value of conversion event liability of $12,656. Changes in operating assets and liabilities provided $325,109 of cash from operating activities.

For the three months ended March 31, 2026, cash provided by investing activities was $0.

For the three months ended March 31, 2025, cash used in investing activities was $150,000 affected by cash deposited in Trust Account.

For the three months ended March 31, 2026, cash provided by financing activities was $5,726,657, primarily consisting of proceeds from issuance of preferred stock of $5,750,000, proceeds from advances from Endeavor of $21,709 offset by, repayment of Promissory Note due to Sponsor of $45,052.

For the three months ended March 31, 2025, cash provided by financing activities was $1,339,000 affected by proceeds from note payable from a related party of $1,350,000 and repayment of note payable with a related party of $11,000.

We intend to finance operations and the restoration of the Facility through a combination of proceeds from the PIPE investment, additional equity and debt financing, and potential future revenue from the Shell Commitment Agreement once the Facility achieves its In-Service Date.

At March 31, 2026, we had cash of $2,553,946 and material cash requirements including promissory notes and other obligations outstanding, including a Note Payable due to the Sponsor of $5,228,173, Notes Payable due to related parties of $2,043,710, a Promissory Note to Sellers of $12,000,000, investment banking financing fees of $1,750,000, accrued excise tax of $3,283,971 and other accrued liabilities.

We anticipate that we will continue to incur net losses into the foreseeable future as we invest in upgrading our Facility, complete permitting, and prepare for commencement of commercial operations. We have based our anticipated operating capital requirements on assumptions that may prove to be incorrect, and we may use all our available capital resources sooner than we expect.

We have incurred and expect to continue to incur significant costs in pursuit of financing after our acquisition on December 12, 2025. There are no assurances that such additional capital will ultimately be available. In connection with our assessment of going concern considerations in accordance with FASB ASC 205-40, "Presentation of Financial Statements - Going Concern," management believes its current cash position and planned fundraising activities will be sufficient to allow us to meet our obligations as they become due within one year from the date these financial statements are issued. However, management has determined that these factors raise substantial doubt about our ability to continue as a going concern for the next twelve months from the issuance of these condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management plans to raise funds through a public offering and will continue its efforts to consummate such a financing.

**Off-Balance Sheet Financing Arrangements**

We did not have, during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under applicable SEC rules. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

**Contractual Obligations**

As of March 31, 2026, we have promissory notes and other obligations outstanding, including a Note Payable due to the Sponsor of $5,228,173, Notes Payable due to related parties of $2,043,710, a Promissory Note to Sellers of $12,000,000, investment banking financing fees of $1,750,000, and other accrued liabilities of $12,250,442.

The Company incurred an investment banking merger and acquisition advisory fee of $1,750,000 upon closing of the Business Combination, which is reported as a payable on the consolidated balance sheet. The investment banking advisory fee balance at March 31, 2026 was $1,562,383.

**Critical Accounting Estimates**

 

***Derivative Liabilities***

In determining the fair value of the Warrants and conversion event, expected share-price volatility, expected time to consummating a business combination, risk-free interest rate, discount rate, probability of closing on a business combination, and a market adjustment for an implied probability of closing on a business combination are utilized. The Company estimates the volatility, probability of closing on a business combination and market adjustment for implied probability of closing on a business combination based on a set of peer companies. The Company estimates common stock based on historical volatility that matches the expected remaining life of the warrants. The fair value of the warrant liabilities and conversion event liability is subject to change in future periods based on the underlying assumptions and changes in market data.

***Asset Retirement Obligations***

The Asset retirement obligation ("ARO") consists of future land reclamation expenses on open mine properties. The fair value of the ARO was recorded as a liability in the period in which the mine was acquired with a corresponding increase in the carrying amount of asset retirement costs of the assets. The liability is accreted for the change in its present value each period based on the expected dates that the mine will be required to be reclaimed. The future estimated reclamation cost was determined to be $796,000, discounted over an estimated life of 10 years using a credit-adjusted risk-free rate of 7.46%.

**Recent Accounting Standards**

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material adverse effect on the Company's consolidated financial statements.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

**ITEM 4. CONTROLS AND PROCEDURES**

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective due to the material weakness in internal control over financial reporting described in our Annual Report on Form 10-K for the year ended December 31, 2025, relating to inadequate controls around the calculation of amounts due and payment of funds from the Trust Account to redeeming shareholders. We are committed to maintaining a strong internal control environment and are implementing remediation measures, which include steps to increase dedicated personnel, improve reporting processes, design and implement new controls, and enhance related supporting technology. We will consider the material weakness remediated after the applicable controls operate for a sufficient period of time, and management has concluded, through testing, that the controls are operating effectively.

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we may become involved in various claims and legal actions arising in the ordinary course of business. We are subject to various environmental regulations and operating requirements in connection with our refining and processing operations. In the opinion of management, there are no violations of these legal requirements that would have a material adverse effect on our financial position or results of operations.

On September 6, 2024, Tyr Energy Utah Logistics, LLC ("Tyr Energy") filed suit in the County Court at Law, Number 1, Nueces County, Texas against the Company, the Sponsor (Drexel Hamilton Infrastructure Partners) and certain affiliates of the Sponsor, asserting claims for breach of and tortious interference with a non-disclosure and non-circumvention agreement in connection with the public announcement of the proposed Business Combination. Tyr Energy was seeking a temporary restraining order and temporary injunction. The Sponsor and its affiliates disputed specific personal jurisdiction, and all defendants, including the Company, vehemently disputed liability and vigorously defended against Tyr Energy's claims. On December 17, 2025, Tyr Energy dropped the suit against the Company, the Sponsor and affiliates of the Sponsor.

Except as set forth above, as of the date of this Quarterly Report, we are not a party to any other legal proceedings the outcome of which, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition, and results of operations. Regardless of outcome, litigation and other legal and administrative proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

**ITEM 1A. RISK FACTORS**

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 1, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

On January 23, 2026, the Company entered into a Securities Purchase Agreement with Creto IRRX PIPE Investment, LLC ("Creto") for the sale of an aggregate of not less than 50,000 and not more than 80,000 shares of its Series A Convertible Preferred Stock, par value $0.0001 per share, at an initial closing of 50,000 shares for an aggregate purchase price of $5,000,000, with the possibility of one or more additional closings within 60 days for up to an additional $3,000,000 in proceeds, in each case as mutually agreed with the buyer. Creto invested $2,550,000 on January 23, 2026, and invested a further $2,750,000 on February 6, 2026 to purchase 25,500 and 27,500 shares respectively of our Series A Convertible Preferred Stock. The Company has waived the 60-day requirement for investment as noted in the Securities Purchase Agreement with Creto, and on March 23, 2026, Creto invested an additional $450,000 to purchase 4,500 shares of our Series A Convertible Preferred Stock. The Series A Convertible Preferred Stock is convertible into shares of our Common Stock pursuant to a Certificate of Designations attached to the Securities Purchase Agreement. The issuance was made in a private placement without registration, in reliance on Section 4(a)(2) of the Securities Act and/or Regulation D, based on the nature of the offering, investor sophistication, and absence of general solicitation.

In February 2026, one of the Company's creditors agreed to receive 7,055 shares of the Company's Series A Convertible Preferred Stock as payment for $705,589 of the Company's payables. The issuances were made in a private placement without registration, in reliance on Section 4(a)(2) of the Securities Act and/or Regulation D, based on the nature of the offering, investor sophistication, and absence of general solicitation, as reflected by the restrictive legends and acknowledgments regarding resale limitations. Notices and enforcement provisions were standard for a privately placed convertible note.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

During the fiscal quarter ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each such term is defined in Item 408(a) of Regulation S-K.

**ITEM 6. EXHIBITS**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

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| | |
|:---|:---|
| **No.** | **Description of Exhibit** |
| 3.1 | [Amended & Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 20, 2026).](http://www.sec.gov/Archives/edgar/data/2044112/000121390026018856/ea027495601ex3-1_integrated.htm) |
| 3.2 | [Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the SEC on February 20, 2026).](http://www.sec.gov/Archives/edgar/data/2044112/000121390026018856/ea027495601ex3-2_integrated.htm) |
| 10.1 | [Securities Purchase Agreement, dated January 23, 2026, by and between Integrated Rail & Resources Inc. and Creto IRRX PIPE Investment, LLC. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 20, 2026, File No. 000-56805)](https://www.sec.gov/Archives/edgar/data/2044112/000121390026018878/ea027494701ex10-1_integrated.htm). |
| 10.2 | [Registration Rights Agreement, dated January 23, 2026, by and between Integrated Rail & Resources Inc. and Creto IRRX PIPE Investment, LLC (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 20, 2026, File No. 000-56805)](https://www.sec.gov/Archives/edgar/data/2044112/000121390026018878/ea027494701ex10-1_integrated.htm). |
| 10.3 | [Sponsor Letter Agreement , dated January 23, 2026, by and between Integrated Rail & Resources Inc., DHIP Natural Resources Investments, LLC, Creto IRRX PIPE Investment, LLC and each of the "Insiders" party thereto. (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 20, 2026, File No. 000-56805)](https://www.sec.gov/Archives/edgar/data/2044112/000121390026018878/ea027494701ex10-3_integrated.htm). |
| 10.4 | [Securities Purchase Agreement, dated March 9, 2026, by and between Integrated Rail & Resources Inc. and B H, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on March 17, 2026, File No. 000-56805)](https://www.sec.gov/Archives/edgar/data/2044112/000121390026028528/ea028188401ex10-1.htm). |
| 10.5 | [Joinder to Registration Rights Agreement, dated March 9, 2026, by and between Integrated Rail & Resources Inc. and B H, Inc. (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on March 17, 2026, File No. 000-56805)](https://www.sec.gov/Archives/edgar/data/2044112/000121390026028528/ea028188401ex10-2.htm). |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea029043101ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea029043101ex31-2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea029043101ex32-1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea029043101ex32-2.htm) |
| 101.INS\* | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

**SIGNATURES**

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **INTEGRATED RAIL & RESOURCES INC.** | **INTEGRATED RAIL & RESOURCES INC.** |
| Date: May 15, 2026 | By: | /s/ Brian M. Feldott |
|  | Name: | Brian M. Feldott |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: May 15, 2026 | By: | /s/ Christopher S. Greenwood |
|  | Name: | Christopher S. Greenwood |
|  | Title: | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF CHIEF EXECUTIVE OFFICER<br> PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED<br> PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian M. Feldott, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Integrated
Rail & Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I
are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;b) (Paragraph omitted pursuant to Exchange Act Rules 13a-14(a)
and 15d-15(a));

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 15, 2026 |
| /s/ Brian M. Feldott |
| Brian M. Feldott |
| Chief Executive Officer and Director<br> (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF CHIEF FINANCIAL OFFICER<br> PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED<br> PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher S. Greenwood, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Integrated
Rail & Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I
are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;b) (Paragraph omitted pursuant to Exchange Act Rules 13a-14(a)
and 15d-15(a));

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 15, 2026 |
| /s/ Christopher S. Greenwood |
| Christopher S. Greenwood |
| Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Integrated Rail & Resources Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Brian M. Feldott, Chief Executive Officer and Director of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Date: May 15, 2026 |
| /s/ Brian M. Feldott |
| Brian M. Feldott |
| Chief Executive Officer and Director<br> (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Integrated Rail & Resources Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Christopher S. Greenwood, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Date: May 15, 2026 |
| /s/ Christopher S. Greenwood |
| Christopher S. Greenwood |
| Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---