Integrated Rail revises Shell agreement: fixed costs cut to $8.64M/yr, product fee $2.29; project at FEL-3

INTEGRATED RAIL & RESOURCES INC.

Annual fixed operating costs under Shell arrangement reduced from ~$13.4M to $8.64M; per-barrel product fee raised from $2.21 to $2.29.
Engineering status advanced to 'FEL-3' (Front-End Loading 3), confirming $80M cost estimate for facility repurposing remains unchanged.
Long-term offtake/tolling deal with Shell includes $11.4M annual capital cost payment and 50% gross refining margin fee.
Expansion plan targets 16,500 bbl/d by 2027, 50,000 bbl/d by 2030, with $85M additional capex in 2028.
Approximately 25% of pro forma shares subject to lockup until facility fully operational.

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