Mr. Peter Pascali reports

PYROGENESIS ANNOUNCES RECEIPT OF SECOND $520,000 MILESTONE PAYMENT UNDER THE PLASMA TORCH CONTRACT FOR PFAS REMOVAL

PyroGenesis Canada Inc., further to its press release dated Sept. 12, 2023, has received the second milestone payment of approximately $520,000 ($378,900 (U.S.)). This payment is associated with the engineering phase of the plasma torch contract with a U.S. corporation (the client), geared to destroy perfluoroalkyl and polyfluoroalkyl substances (PFAS). The name of the client will remain anonymous for confidentiality reasons.

The engineering phase is nearing completion, representing a key milestone in PyroGenesis's development of a state-of-the-art plasma torch technology suitable for PFAS removal. PyroGenesis is on track to begin the manufacturing process over the coming weeks. The company expects to complete the manufacturing phase by the end of the second quarter of 2024.

"We are very pleased with the progress to date in developing this new state-of-the-art plasma torch, and look forward to the upcoming completion of the manufacturing phase," said P. Peter Pascali of PyroGenesis. "The eventual completion of the manufacturing phase will mark an important milestone in PyroGenesis's stated goal to advance PFAS eradication using state-of-the-art plasma torch technology. Today brings us one step closer to delivering a PyroGenesis-based solution that addresses critical environmental challenges, reinforcing our unwavering commitment to sustainable innovation."

PFAS are a set of more than 15,000 man-made chemicals that have been widely used in consumer products in various industries, such as aerospace, automotive and construction, amongst others, for many decades. As previously mentioned, research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels and immune system effects. Products that may contain PFAS include non-stick cookware, stain-resistant coatings used on carpets, upholstery and other fabrics, water-resistant clothing, cleaning products, personal care and cosmetics products, and any other products that resist grease, water and oil. Because of their widespread use and strong chemical bonds and properties, which account for their persistence in the environment, PFAS are proving to be persistent pollutants that affect humans and wildlife, as they are likely to be exposed to these chemicals by consuming contaminated water or food, using products made with PFAS, or breathing air containing PFAS.

The company's development of plasma torches for use in the safe destruction of hazardous chemicals such as PFAS 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 waste destruction application are an important part of the company's waste remediation tier, encompassing the safe destruction of hazardous materials, and the recovery and valorization of underlying substances such as chemicals and minerals.

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 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.

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