Ms. Rodayna Kafal reports

PYROGENESIS ANNOUNCES RECEIPT OF TWO SEPARATE MILESTONE PAYMENTS TOTALING $970,000

PyroGenesis Canada Inc. has received two separate project milestone payments totalling $970,000.

Further to its press releases dated Sept. 12, 2023, and Nov. 20, 2023, PyroGenesis has received the next milestone payment of approximately $550,000 ($406,000 (U.S.)) for the sale of a plasma torch system to a U.S. corporation, which is developing a system geared to destroy perfluoroalkyl and polyfluoroalkyl substances. The client's name shall remain anonymous for competitive and confidentiality reasons.

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. Research suggests exposure to some PFAS might result in harmful health outcomes, including cancer, increased cholesterol levels and immune system effects.

Separately, the company confirms continued progress of, and recent receipt of a project milestone payment in the amount of approximately $420,000 ($313,000 (U.S.)) for the previously announced project dated Aug. 1, 2023, with a U.S. aeronautics and defence entity for the development of a high-powered 4.5-megawatt plasma torch system. This client, which shall remain anonymous for confidentiality reasons, 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 company's development of plasma torches for use in the safe destruction of hazardous chemicals such as PFAS, and for novel ultrahigh temperature applications, are 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, while plasma torches for novel high and ultrahigh temperature applications 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 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 GHG and are economically attractive alternatives to conventional dirty processes.

We seek Safe Harbor.