Cadiz publishes fiscal 2026 shareholder letter update

• Cadiz published a shareholder letter dated 5/20/26 outlining plans to form Mojave Water Infrastructure Co. LLC to own the Mojave Groundwater Bank pipeline infrastructure at financing close.
• Revised base-case capital structure assumes about 30% equity funding, 70% public financing resources, shifting from about 50% equity, 50% public financing resources to offset higher construction costs.
• Invitation received from the U.S. Environmental Protection Agency to apply for up to $194 million under the WIFIA program for the Northern Pipeline, citing borrowing costs of about 4.7%.
• BLM environmental review for converting the Northern Pipeline right-of-way from natural gas to water conveyance is described as nearing completion, with the right-of-way grant expected following consultation in coming weeks.
• Cadiz expects Northern Pipeline conversion to begin this year, targeting full operations for the Northern and Southern Pipelines with storage in 24-36 months.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Cadiz Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-26-017950), on May 20, 2026, and is solely responsible for the information contained therein.