REX AMERICAN RESOURCES Business Summary

REX American Resources Corp (REX) operates as a leading producer and investor in the ethanol and renewable energy sectors, primarily generating revenue through the transaction-based sale of fuel-grade ethanol and its high-value co-products, including dried distillers grains (DDG), modified distillers grains, and non-food grade corn oil. The company’s core business is concentrated in its Ethanol and By-Products segment, which manages interests in several large-scale production facilities, most notably the One Earth Energy plant in Illinois. As of early 2026, REX is aggressively pivoting toward a low-carbon business model by integrating carbon capture and sequestration (CCS) technology, aiming to significantly reduce its carbon intensity (CI) scores and capture federal 45Z clean production tax credits. Within the competitive landscape, REX competes directly with Green Plains (GPRE), PBF Energy (PBF), CVR Energy (CVI), and Delek US (DK), distinguishing itself through a debt-free balance sheet and a superior net margin relative to its more diversified refining peers. The company is led by a seasoned executive team with a long-standing history of operational stability. Stuart A. Rose, who founded the company in 1984 and orchestrated its pivot from retail to energy, serves as Executive Chairman and Head of Corporate Development. Zafar Rizvi, who has been with the firm for over 30 years and was appointed CEO in 2010, serves as President and Chief Executive Officer, overseeing the current 200 million-gallon-per-year expansion at One Earth Energy. The financial strategy is managed by Douglas L. Bruggeman, who serves as CFO and Treasurer. REX’s board of directors features notable political and industry figures, including former U.S. Representative Cheri Bustos and former Ohio Lieutenant Governor Lee Fisher, reflecting a leadership structure deeply integrated with the regulatory and agricultural policy environments critical to the ethanol industry.