- Cadiz Inc. executed a definitive agreement with Lytton Rancheria of California on **October 27, 2025**, securing up to **$51 million** in financing for its Mojave Groundwater Bank project.  **[727273_0001213900-25-102822_ea026235502ex99-1_cadiz.htm:0]** **[727273_0001213900-25-102822_ea026235502ex10-1_cadiz.htm:0]** **[727273_0001213900-25-102822_ea0262355-8k_cadiz.htm:1]** 
- This unsecured term loan, bearing a **fixed interest rate of 8% per annum**, represents the first tranche of up to approximately **$450 million** in total equity capital being raised for the project.  **[727273_0001213900-25-102822_ea026235502ex99-1_cadiz.htm:0]** **[727273_0001213900-25-102822_ea0262355-8k_cadiz.htm:1]** **[727273_0001213900-25-102822_ea0262355-8k_cadiz.htm:2]** 
- Cadiz will issue **600,000 shares of common stock** as a commitment fee at closing and an additional **25,000 shares of common stock per $1 million funded** as a funding fee.  **[727273_0001213900-25-102822_ea026235502ex99-1_cadiz.htm:0]** **[727273_0001213900-25-102822_ea0262355-8k_cadiz.htm:2]** **[727273_0001213900-25-102822_ea026235502ex10-1_cadiz.htm:9]** 
- Initial proceeds of approximately **$15 million** are expected to reimburse the Company for Project development expenses and fund equipment deposits for construction anticipated in 2026.  **[727273_0001213900-25-102822_ea026235502ex99-1_cadiz.htm:0]** **[727273_0001213900-25-102822_ea0262355-8k_cadiz.htm:1]**

Cadiz Inc. Secures $51 Million Investment for Mojave Groundwater Bank

- Cadiz Inc. has executed a definitive agreement with Lytton Rancheria of California for up to **$51 million** in capital, representing the first tranche of financing for its Mojave Groundwater Bank project.  **[727273_20251028LA08667:0]** 
- This **$51 million loan** is convertible into membership interests in Mojave Water Infrastructure Company, LLC (MWI), with initial proceeds of approximately **$15 million** expected to reimburse Cadiz for project development expenses.  **[727273_20251028LA08667:0]** 
- In connection with the agreement, Cadiz will issue **600,000 shares** of common stock as a commitment fee at closing, and an additional **25,000 shares** for every **$1 million** funded on each draw.  **[727273_20251028LA08667:0]** 
- Cadiz is also completing diligence with private equity investors for up to an additional **$400 million** in equity investment into MWI, contributing to a total target of approximately **$450 million** in equity capital for the project.  **[727273_20251028LA08667:0]**

CADIZ (CDZI)