Mr. Peter Pascali reports

PYROGENESIS CONFIRMS RECEIPT OF $826,000 DOWN PAYMENT FOR 4.5MW HIGH POWER PLASMA TORCH SYSTEM

Further to its press release dated Aug. 1, 2023, PyroGenesis Canada Inc. has confirmed that it has received the down payment of $826,000 associated with the $4.1-million contract for a 4.5 MW (megawatt) high-power plasma torch system. The client is a United States corporation that regularly serves as a prime contractor for the U.S. government, as well as for public and private customers in the aeronautics and related industries.

"The 4.5 MW high-power plasma torch system represents a significant step forward in PyroGenesis's expansion of its plasma torch capabilities, and positions the company as a key player in addressing evolving energy transition needs," said P. Peter Pascali, chief executive officer and president of PyroGenesis. "By harnessing the power of electric-powered plasma torches, PyroGenesis empowers heavy industries to transition away from fossil fuel consumption, resulting in substantial reductions in carbon emissions and a cleaner, more sustainable world."

As previously described, the company's development of plasma torches for use in high-temperature applications is part of the company's three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches, as a high- and ultrahigh-temperature application, are part of the company's energy transition and emissions reduction tier, where fuel switching to the company's electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.

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 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.