Mr. Rodayna Kafal reports

PYROGENESIS ANNOUNCES THE IMPLEMENTATION OF A NCIB

PyroGenesis Canada Inc. has received acceptance from the Toronto Stock Exchange of its notice of intention to implement a normal course issuer bid (NCIB).

Pursuant to the NCIB, PyroGenesis may purchase, from time to time, over a period of 12 months starting Oct. 6, 2023, and ending Oct. 5, 2024, up to 7.5 million common shares (approximately 4.2 per cent of its common shares issued and outstanding as of Sept. 26, 2023). As of Sept. 26, 2023, there were 178,880,395 common shares of PyroGenesis issued and outstanding. On any given day, during the NCIB, PyroGenesis may only purchase up to 23,234 common shares, which is equivalent to 25 per cent of the average daily trading volume of 92,938 calculated based on the trading volumes on the TSX from April 1, 2023, to Sept. 30, 2023.

Purchases under the NCIB may commence as of Oct. 6, 2023, and will end on the earlier of (i) Oct. 5, 2024; or (ii) the date on which the company has purchased the maximum number of common shares to be acquired under the NCIB. All purchases made by the company will be through Pollitt & Co. Inc. acting on behalf of the company. The purchases will be made in accordance with the rules of the TSX, through the facilities of the TSX or through alternative Canadian trading systems. The actual number of common shares which will be purchased and the timing of such purchases will be determined by the company and the price which the company will pay for the common shares will be the market price at the time of the purchase. The common shares purchased under the NCIB will be cancelled.

The company's board of directors believes that the market price of the company's common shares may from time to time not reflect the underlying value of the company, specifically its growth opportunities, and that the proposed purchasing of its common shares is in the best interests of the company and represents an appropriate use of corporate finances. It is expected that any purchases made by the company could also enhance value and liquidity for its shareholders.

Of note, the NCIB announced above is further to a previous NCIB that the company had implemented. Under the previous NCIB, which had started on Feb. 15, 2022, and ended on Feb. 14, 2023, up to 7.5 million common shares were approved for purchase. No purchases were made under the previous NCIB as management ultimately took the view that it was more appropriate to allocate corporate finances to other company priorities.

About PyroGenesis Canada Inc.

PyroGenesis Canada, a high-tech 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.

We seek Safe Harbor.