Mr. Bernard Tourillon reports

SIGNATURE OF A THREE-PARTY MOU ON THE COMMERCIALIZATION OF NOVACIUM'S HYDROGEN PRODUCTION SYSTEM

HPQ Silicon Inc. and its Lyon-based affiliate, Novacium SAS, have signed a three party memorandum of understanding (MOU) with LN Innov' SAS of Toulouse, France.

LN Innov' is a French networking company with a strong presence in various sectors, including defence.

Leveraging its extensive network, LN Innov' aims to streamline access to innovative energy projects like the one presented by Novacium and HPQ. Their goal is to connect key industry stakeholders and expedite the transition of innovative projects from the research and development phase to commercialization.

"France has set the goal of becoming the world leader in green hydrogen, considered an energy carrier that will play a key role in achieving carbon neutrality by 2050. Novacium's new hydrogen production system will help meet these objectives," said Nathalie Mazeau, LN Innov's chief executive officer. "With its experience in autonomous energy systems, LN Innov' wishes to democratize this technology through its simplified use and logistics, essential markers for its success."

The goal of this three party agreement is to harness LN Innov's expertise and introduce Novacium's new, environmentally friendly high-pressure hydrogen production system via hydrolysis (as detailed in the Sept. 7, 2023, press release) to French defence industry companies.

Novacium to present its hydrogen solution to a group of French industrials

LN Innov' has already arranged for Novacium to be invited to present its innovative hydrogen solution at the next Energy Working Group (EWG) meeting of the Groupement des Industries Francaises de Defense et de Securite Terrestre et Aeroterrestre (GICAT), scheduled for the last week of September, 2023.

"Novacium's hydrogen production system stands out for its capacity to reimagine hydrogen production, simplifying it while ensuring safety and minimizing transportation requirements," said Bernard Tourillon, president and chief executive officer of Novacium SAS and HPQ Silicon. "This innovation holds significant promise for hydrogen's role as a clean and secure energy source in diverse industrial and military applications. Being invited to present our solution to such a grouping represents a significant opportunity, which we hope will open the doors to important future collaborations with manufacturers."

The MOU, signed on May 15, 2023, designates LN Innov' as the exclusive French representative for a one kW (kilowatt) version of the hydrogen system.

About HPQ Silicon Inc.

HPQ Silicon is a Quebec-based TSX Venture Exchange Tier 1 industrial issuer.

HPQ is developing, with the support of world-class technology partners PyroGenesis Canada Inc. and Novacium SAS, new green processes crucial to make the critical materials needed to reach net-zero emissions.

HPQ activities are centred around the following five pillars:

1. Becoming a zero-CO2 (carbon dioxide) low-cost (capex (capital expenditures) and opex (operating expenditures)) producer of high-purity silicon (2N+ to 4N) using its proprietary Purevap quartz reduction reactors (QRRs) being developed for HPQ by PyroGenesis;
2. Becoming a producer of silicon-based anode materials for battery applications with the assistance of Novacium;
3. Becoming a green low-cost (capex and opex) producer of fumed silica using the company's proprietary fumed silica reactor being developed by PyroGenesis;
4. HPQ Silicon affiliate Novacium is developing a low-carbon, chemical base, on-demand and high-pressure autonomous hydrogen production system;
5. Working to become the first producer of nanosilicon materials from high-purity silicon chunks using the company's proprietary Purevap nanosilicon reactor (NSiR) being developed by PyroGenesis.

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