Cadiz subsidiary signs $273.8M in GMP contracts for Mojave Groundwater Bank Northern Pipeline

CADIZ INC

Fenner Gap entered CMAR agreements with W.M. Lyles ($218.9M GMP for pump stations) and Mike Bubalo ($54.9M GMP for pipeline replacement).
Total GMPs of $273.8M cover primary construction packages; total estimated construction capex is $403.3M including owner-procured items.
Northern Pipeline expected to deliver ~21,275 acre-feet/year under existing contracts; potential capacity 25,000 acre-feet/year.
Construction to commence after notices to proceed, expected in calendar 2026, subject to financing and permitting conditions.

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