Mr. Andre Mainella of PyroGenesis Canada reports

PYROGENESIS RECEIVES EXCHANGE APPROVAL FOR BLOCK SALE OF HPQ SILICON INC. SHARES

Further to PyroGenesis Canada Inc.'s news release of April 10, 2024, announcing a block sale of 3,779,700 shares in HPQ Silicon Inc. to P. Peter Pascali, president and chief executive officer of PyroGenesis, the transaction has been approved by the Toronto Stock Exchange. The sale was conducted as of April 10, 2024, for an aggregate purchase price of $661,447.50, representing a per share price of 17.5 cents.

The transaction was previously approved unanimously by the board of directors of PyroGenesis, with Mr. Pascali abstaining.

As said at the time by Andre Mainella, chief financial officer of PyroGenesis, "This sale will bring PyroGenesis an influx of cash on favourable terms" and "underscores the continued support of Mr. Pascali of PyroGenesis and HPQ.

"Strategic investments can be a valuable and non-dilutive tool for companies to raise capital," continues Mr. Mainella. "Accepting shares as remuneration for some projects has proven to be beneficial to the company, as shown by fact that since inception in 2019, the gain from sale of HPQ shares has totalled more than $11-million to the company."

The company and HPQ continue to be engaged in several long-term projects together, notably the fumed silica reactor (FSR) and the Purevap quartz reduction reactor (QRR) projects.

The FSR project, being conducted in conjunction with HPQ Silica Polvere Inc., a wholly owned subsidiary of HPQ, is an initiative to create fumed silica from quartz in a single step. The QRR project is an initiative to create high-purity silicon from quartz in a single step using a plasma reactor. PyroGenesis is the exclusive supplier of both technologies. For the FSR project, the company benefits from a royalty payment representing 10 per cent of HPQ Polvere's eventual sales, with set minimums. This royalty stream can, at any time, be converted by PyroGenesis into a 50-per-cent ownership in HPQ's remaining equity stake in HPQ Polvere.

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. 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.

About HPQ Silicon Inc.

HPQ Silicon is a Quebec-based TSX Venture Exchange Tier 1 industrial issuer. HPQ is developing, with the support of world-class technology partners PyroGenesis Canada Inc. and Novacium SAS, new green processes crucial to make the critical materials needed to reach net zero emissions.

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