December 5, 2024

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Business Industry and Financial

Lytton Rancheria of California Leads Tribal Investment in Cadiz Groundwater Banking Project

Lytton Rancheria of California Leads Tribal Investment in Cadiz Groundwater Banking Project

$50 million investment in Mojave Groundwater Bank would be the largest investment in water infrastructure off tribal-lands by Native American Tribes in U.S. history

LOS ANGELES and WINDSOR, Calif., Nov. 25, 2024 /PRNewswire/ — Cadiz, Inc. (NASDAQ: CDZI) (the “Company” or “Cadiz”) announced today that the Company and the Lytton Rancheria of California (“Lytton”) have signed a Letter of Intent for Lytton to invest up to $50 million in the Company’s groundwater banking project in the Mojave Desert (“Mojave Groundwater Bank”). Lytton’s investment would be the first major investment by a Native American Tribe in large-scale water infrastructure off tribal lands in U.S. history.  With 2.5 million acre-feet of new water supply and an estimated 30 million acre-feet of water in storage today, the Mojave Groundwater Bank will be the largest new groundwater bank in the Southwest.

Cadiz, Inc. Clean Water Solutions Logo (PRNewsfoto/Cadiz Inc.)
Cadiz, Inc. Clean Water Solutions Logo (PRNewsfoto/Cadiz Inc.)

The partnership between Cadiz and Lytton signifies a landmark collaboration in water resource management, with Tribes holding a majority ownership stake in the Mojave Groundwater Bank. This ownership structure empowers Indigenous communities to play a leading role in decision-making and investment in vital water projects.

Lytton Tribal Chairperson Andy Mejia stated, “As a Tribal Government, we take our responsibility to be good stewards of the land and the environment seriously.  Working with other Tribal Governments, Cadiz and other responsible environmental investors to develop a sustainable, responsibly managed water source in these shifting times is something we want to be involved in.  With Tribal involvement in the direction and operation of this project, we can ensure that all people have a chance to benefit from this critical water resource.”

Cadiz CEO and Chairperson of the Board Susan Kennedy also stated, “We are proud and honored to create this groundbreaking partnership with Lytton to develop this important project for the benefit of underserved and indigenous communities. Access to clean water will be the single greatest challenge many communities in California and the Southwest face in the coming decades.  We are grateful for the chance to be part of the solution.”

The Mojave Groundwater Bank is a clean water infrastructure project being developed by Cadiz in California’s Mojave Desert.  The groundwater bank at Cadiz is located at the base of a 2,000 square mile watershed system fed by rain and snow in the high desert New York and Providence mountains. The underground reservoir holds an estimated 30 – 40 million acre-feet of water in storage today – more water than is presently stored in Lake Mead and Lake Powell, the two largest surface reservoirs in the United States, combined.

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