$CLMT (CALUMET, INC. /DE) — 8-K: Montana Renewables cuts MaxSAF expansion cost to $137M from $1.2B

Montana Renewables expects to reach approximately 200 million gallons of annual SAF production and 17,000 barrels per day of total product sales by year-end 2028. Remaining project capital is reduced to $137 million from the $1.2 billion originally contemplated, funded by MRL earnings and a final $34 million DOE loan draw. The revised plan requires no third-party equity, eliminating dilution. Current SAF run-rate is 60 million gallons per year, expected to exceed 80 million by year-end 2026 and 120 million by Spring 2027.

Montana Renewables expects to reach approximately 200 million gallons of annual SAF production and 17,000 barrels per day of total product sales by year-end 2028. Remaining project capital is reduced