Ms. Rodayna Kafal reports

PYROGENESIS RECEIVES NOTICE OF APPROVAL GRANTING 180-DAY EXTENSION TO MEET NASDAQ MINIMUM BID PRICE REQUIREMENT

PyroGenesis Canada Inc. has received a written notification of approval from the Nasdaq Stock Market LLC indicating that the Nasdaq approves the company's request for a 180-day extension to meet the minimum closing bid price of $1 (U.S.) per share listing requirement under Nasdaq listing Rule 5550(a)(2).

The Nasdaq extension request approval notification letter has no effect on the listing or trading of the company's shares, which will continue to trade uninterrupted on Nasdaq under the ticker PYR. PyroGenesis's shares are also listed on the Toronto Stock Exchange, and the Nasdaq extension request approval notification letter does not affect the company's compliance status with the Toronto Stock Exchange.

The company has been provided 180 calendar days, or until Nov. 20, 2023, in accordance with the Nasdaq listing Rule 5810(c)(3)(A), to regain compliance with Nasdaq listing Rule 5550(a)(2). To regain compliance, the company's ordinary shares must achieve a closing bid price of at least $1 (U.S.) for a minimum of 10 consecutive trading days. As per the Nasdaq rule, upon completion of the initial 180-day period on May 22, 2023, the company was eligible for an additional 180-calendar-day compliance period to regain compliance. It is this second 180-day period for which the company recently requested and was granted approval.

If, at any time during the 180-day compliance period, the company's closing bid price is at least $1 (U.S.) for a minimum of 10 consecutive business days, Nasdaq will provide PyroGenesis with a written confirmation of renewed compliance, and the matter will be resolved.

PyroGenesis's business operations are not affected by the receipt of the notification letter. The company will continuously monitor its closing bid price between now and Nov. 20, 2023, and will continuously evaluate its available options to regain compliance with Nasdaq's minimum bid price rule within the 180-day compliance period.

About PyroGenesis Canada Inc.

PyroGenesis, a high-technology company, is a proud 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.

We seek Safe Harbor.