Ms. Rodayna Kafal reports

PYRO GREEN-GAS COMPLETES INTEGRATED COLD TEST FOR KEY CLIENT

PyroGenesis Canada Inc.'s subsidiary, Pyro Green-Gas (formerly known as Air Science Technologies Inc.), has successfully completed the integrated cold test (ICT) under a previously announced $9.3-million project with a key client, one of the world's top diversified steel producers.

Under the terms of this project, Pyro Green-Gas has been mandated to (i) supply coke oven gas purification solutions and (ii) hydrogen production processes that have combined the potential to allow for the extracting of hydrogen with a 99.999-per-cent purity level and improve the client's environmental outcome. With the implementation of Pyro Green-Gas's hydrogen extraction technology, the client would be able to rely on a cleaner energy source for its annealing, galvanizing and acid recovery processes, furthering its efforts to reduce its carbon footprint.

The ICT achievement marks a significant milestone toward the completion of the project. The successful demonstration of Pyro Green-Gas coke oven gas purification and hydrogen extraction processes during the ICT confirms that all systems, equipment and their components meet and exceed the required operation and safety standards.

"Our achievement in completing this milestone demonstrates our unwavering commitment to delivering innovative solutions that not only meet the needs of our clients but also contribute to a more sustainable future," said P. Peter Pascali, chief executive officer and president of PyroGenesis. "We are excited to be working this renowned industry leader on an important project and are confident that our innovative technology will help them to meet their sustainability goals while improving operational efficiency." The next target milestone, once fully commissioned, is the completion of performance acceptance certificate (PAC), which is anticipated to be done before the end of Q3 2023. The parties had previously mutually agreed to extend the duration of the project, which had previously been anticipated to end before 2023.

The ICT achievement triggers an aggregate milestone payment of $460,000, which is expected to be received in the coming weeks. The balance for this project (approximately $920,000) would be earned upon the completion of two final milestones, namely obtaining the PAC and completing the post performance bond.

About PyroGenesis Canada Inc.

PyroGenesis Canada, a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional dirty processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion-dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800-square-metre and 2,940-square-metre manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO-certified since 1997.