Mr. P. Peter Pascali reports

PYROGENESIS AND CONSTELLIUM SIGN LETTER OF INTENT FOR LARGE-SCALE PLASMA REMELTING FURNACES

PyroGenesis Canada Inc. has signed a collaboration agreement with Constellium, one of the world's largest aluminum transformation and recycling companies, to develop plasma torches and associated processes as suitable heating sources for aluminum remelting furnaces. This announcement is further to the Company's press releases dated April 20, 2022, and March 31, 2023, which provided updates on its aluminum business offerings, and after the recent successful completion of an initial joint evaluation of plasma technology in aluminum melting test furnaces.

PyroGenesis and Constellium have agreed to implement an industrial scale aluminum remelting furnace, which would serve Constellium's decarbonization strategy. The project would consist of two phases: i) conducting feasibility studies and engineering; and ii) implementing a demonstrator plasma-heated furnace system in one of Constellium's aluminum casthouses.

"PyroGenesis was proud to host and work with the scientific team from Constellium during this important test campaign over the last several quarters. The results from this campaign have led to today's agreement to move forward with a planned scale-up to a full-size furnace at one of Constellium's casthouses," said Mr. P. Peter Pascali, President and CEO of PyroGenesis. "PyroGenesis is quickly becoming the go-to plasma solution company for key players in heavy industry as they seek solutions to meet their global decarbonization strategies. Constellium is one of the best examples of a global industry leader who is evaluating PyroGenesis' electric plasma torches as a fuel-switching possibility. We expect that with the energy transition trend only getting started, that others will follow the lead of influential and respected companies like Constellium."

"As part of our decarbonization roadmap, Constellium has been evaluating various solutions to support the decarbonization efforts within our aluminium cast houses," said Mr. Ludovic Piquier, Senior VP Manufacturing Excellence and Chief Technical Officer of Constellium. "We are delighted with the robust research and development collaboration alongside PyroGenesis, which culminated in a successful plasma test campaign at their facility. Our technical experts, hand in hand with their PyroGenesis peers, were able to demonstrate the highly promising potential of plasma torch applications in our cast house furnaces. This fruitful collaboration has paved the way for our next phase of partnership as we transition to a significantly larger furnace and facility."

The Company's development of plasma torches for use in high temperature furnaces is part of the Company's three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Plasma torches for aluminum melting furnaces are part of the Company's Energy Transition & Emissions Reduction tier, where fuel switching utilizing the Company's electric-powered plasma torches helps heavy industry reduce fossil fuel use and greenhouse gas emissions.

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., 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 m2 and 2,940 m2 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. For more information, please visit: www.pyrogenesis.com.

We seek Safe Harbor.