• Business Combination Facilitation: The company's primary activity is to identify and execute a merger, acquisition, or similar business combination with one or more businesses, specifically in the North American railroad sector.

Integrated Rail & Resources Acquisition Corp. (IRRX) is a Special Purpose Acquisition Company (SPAC). As described in the background, it "does not have significant operations" and focuses on "effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses."

Therefore, IRRX does not have major customers in the traditional sense of selling products or services to other companies or individuals. Its primary activity is to identify and acquire a target company, which will then have its own customer base.

Here are the key risks to Integrated Rail & Resources (symbol: IRRX), which has transitioned from a Special Purpose Acquisition Company (SPAC) to an energy infrastructure company:

1. Operational and Completion Risks of the Vernal Refinery Refurbishment: Integrated Rail & Resources Inc. (formerly Uinta Infrastructure Group Corp., which was formed from the merger of Integrated Rail & Resources Acquisition Corp. and Tar Sands Holdings II, LLC) is focused on the refurbishment and repurposing of its Vernal, Utah refinery to process Uinta Basin waxy crude. This project involves significant capital expenditure, including $64 million for refurbishment and $90 million to increase plant capacity. There are inherent risks of construction delays, cost overruns, technical challenges, and the ultimate ability to successfully operate the refinery efficiently and profitably. Failure to complete or effectively operate this facility would fundamentally jeopardize the company's business model.
2. Liquidity and Funding for Operations and Capital Expenditures: Even as the company transitioned, it faced acute liquidity challenges and disclosed substantial doubt about its ability to continue as a going concern as of September 2025, prior to the December 2025 business combination. The substantial capital expenditures required for the refinery refurbishment necessitate securing and maintaining significant funding. The company remains pre-revenue from its new operations, making its ability to raise and manage capital for ongoing operations and the completion of its projects a critical risk.
3. Commodity Price Volatility and Regulatory Environment in the Energy Sector: As an energy infrastructure company involved in processing crude, Integrated Rail & Resources is directly exposed to the volatility of oil and natural gas prices. A substantial or extended decline in these commodity prices could adversely affect the company's business, financial condition, or results of operations. Additionally, the company faces risks associated with compliance with environmental, occupational safety, and health laws, as well as other government regulations, which could be costly and negatively impact its operations.

Integrated Rail & Resources (IRRX) has transitioned from a Special Purpose Acquisition Company (SPAC) into an energy infrastructure company through a business combination with Tar Sands Holdings II, LLC. The company's primary operations now revolve around the refurbishment and repurposing of a refinery asset in Vernal, Utah, situated in the Uinta Basin. This facility is being modernized to process waxy crude into a targeted slate of products, including liquefied petroleum gas (LPG), Naphtha, Gas Oil, and ultra-low sulfur diesel (ULSD).

Given this operational shift, the main products of IRRX are these refined petroleum products. The addressable markets for these products are primarily within North America, particularly in the United States, as the company aims to alleviate takeaway constraints from the Uinta Basin and enhance connectivity to downstream markets nationwide.

As per the request, if unable to size the markets for products, null should be returned. Due to the difficulty in precisely defining and quantifying the exact addressable market sizes for each specific product (LPG, Naphtha, Gas Oil, ULSD) within the context of the Uinta Basin's takeaway constraints and national downstream markets with readily available public data, the market size cannot be precisely identified from the provided information.

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Share Issuance

• Integrated Rail and Resources Acquisition Corp. (IRRX) priced its initial public offering (IPO) of 20,000,000 units at $10.00 per unit in November 2021, generating $200 million.
• Each unit issued in the IPO consisted of one share of Class A common stock and one-half of one redeemable warrant.
• Following the business combination in December 2025, IRRX public shareholders who did not redeem their shares became shareholders of the new parent entity, Uinta Infrastructure Group Corp., and IRRX warrants were exchanged for Uinta Infrastructure Group Corp. warrants at a one-to-one ratio.
• In January, February, and March 2026, the company received $5.75 million in investments from Creto IRRX PIPE Investment, LLC for Series A Convertible Preferred Stock.

Inbound Investments

• Creto IRRX PIPE Investment, LLC invested a total of $5.75 million in Series A Convertible Preferred Stock in the company in January, February, and March 2026.
• The company issued two notes totaling $400,000 in October 2024 and October 2025 to B H, Inc. and Paul Gonzalez, respectively, which converted into common stock at the merger's close.

Outbound Investments

• IRRX completed its business combination with Tar Sands Holdings II, LLC on December 12, 2025. This acquisition involved Tar Sands Holdings II, LLC, a company owning refining and real estate assets and mineral rights in Utah's Uinta Basin.

Capital Expenditures

• The combined company (now Uinta Infrastructure Group Corp. / Integrated Rail & Resources Inc.) projects an investment of $87,475,555 in Utah over the next six years.
• The primary focus of these expenditures is on strengthening rural infrastructure, modernizing railway and resource sectors, and refurbishing its Vernal, Utah refinery to process Uinta Basin waxy crude.
• Approximately $64.0 million of the funds from the business combination and related financing was earmarked for the refurbishment and repurposing of the refinery.