Cortina Update
Earthworks Industries Inc. (“Company” or “EWK: TSX-V”) wishes to report on the status of the development of its integrated waste handling project at the Cortina Rancheria in Colusa County, California. The project is being developed by the Company’s wholly owned U.S. subsidiary, Cortina Integrated Waste Management Inc. (CIWM)
As the Company previously reported, it has received acknowledgement from the U.S. Environmental Protection Agency (EPA) that EPA received the Kletsel Dehe Regulatory Authority’s (KERA) review of the Site-Specific Flexibility Requests (SSFRs) submitted by SCS Engineers (SCS) on behalf of the Company. EPA confirmed they had initiated evaluation of the revised SSFRs pursuant to EPA’s draft guidance for municipal waste landfills in Indian country.
In February 2023, SCS, CIWM’s project engineers and technical consultants, responded to KERA’s comments to address any technical aspects or additional requirements. SCS’s responses addressed each of KERA’s concerns and advised that the data submitted was sufficient to support the EPA’s tentative approval of the Groundwater Monitoring SSFR. They also confirmed that the cover design requested by KERA, met all applicable federal and California regulatory standards and is also sufficiently documented for EPA tentative approval. The Company expects the review by EPA to be completed shortly.
SCS also updated the detailed Basis of Design (BOD) for EWK in July 2022, which incorporated the closure costs for the new cover for the landfill. The BOD outlines all the construction details for the development.
In addition to continuing to identify other companies with the best available new technologies for the operations at Cortina, EWK management has also been updating budgets, additional tasks, and revenue projections for Cortina, based on updated current information.
Mr. David Atkinson commented, “Landfill disposal has continued to increase in value over the past few years. This has had a significant positive impact on the underlying value of the Cortina project.”
Forward Looking Information
Certain statements contained in this Release are statements of our beliefs, intentions, and expectations about the development of the Cortina Project. Such forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances and information supplied by the Company’s consultants. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: equipment and labor shortages and inflationary costs; general economic conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of the Company to raise the necessary funding; the effect of weather conditions on construction, operations and facilities; the existence of operating risks; and volatility of waste disposal volumes and prices.
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