Cadiz Executes Agreement With Lytton Rancheria Of California For Up To $51M Investment To Construct, Develop Mojave Groundwater Bank Project

Cadiz Inc. (NASDAQ: CDZI, the "Company," or "Cadiz") today announced that it has executed a definitive agreement ("Agreement") with Lytton Rancheria of California, a federally recognized Native American tribe ("Lytton"), providing for up to $51 million of capital as the first tranche of financing for construction and development of the Mojave Groundwater Bank, the Company's water supply and groundwater storage project expected to be the largest groundwater bank in the Southwest (the "Project").

The Agreement follows a Letter of Intent executed between Cadiz and Lytton in November 2024 and establishes the first tribal investment in the Project. Lytton's investment represents the first tranche of up to approximately $450 million in total equity capital being raised by the Company through Mojave Water Infrastructure Company, LLC ("MWI"), the special-purpose entity formed by the Company to construct, own, and operate the Project.