Mr. Peter Pascali reports

PYROGENESIS ANNOUNCES CLOSING OF THIRD TRANCHE OF THE NON-BROKERED PRIVATE PLACEMENT FOR $904,083

Further to PyroGenesis Inc.'s press release dated Oct. 1, 2025, the company has closed the final tranche of the second unit group of the previously announced non-brokered private placement. The private placement sold 14,185,969 units for gross proceeds of $5,226,083, and is now closed.

• Each unit of the first unit group consists of one common share of the company and one common share purchase warrant, at a price of 63 cents per unit. Each first unit group warrant entitles the holder to purchase one common share at a price of 28 cents for a period of 48 months following the closing date.
• Each unit of the second unit group consists of one common share of the company and one common share purchase warrant at a price of 20 cents per unit. Each second unit group warrant entitles the holder to purchase one common share at a price of 40 cents for a period of 24 months following the closing date.

As previously announced (press release dated Oct. 16, 2025) the first unit group closed and sold 5,555,556 units of the company at a price of 63 cents per unit, for gross proceeds of $3.5-million. P. Peter Pascali, the president and chief executive officer of PyroGenesis, subscribed to the entire first tranche of the first unit group.

Today we announce a second tranche closing in the second unit group by issuing and selling an additional 4,520,414 units of the company at a price of 20 cents per unit, for gross proceeds of $904,083. As previously announced (press release dated Oct. 29, 2025) a total of 4.11 million units closed as a first tranche for gross proceeds of $822,000. In total, 8,630,414 units were issued under the second unit group for gross proceeds of $1,726,083.

Both unit groups are now closed.

In summary, the private placement (consisting of both first and second unit groups), issued and sold a total of 14,185,969 units for total gross proceeds of $5,226,083.

The common shares and warrants issued in connection with the private placement, and the common shares underlying the warrants, will be subject to a statutory hold period of four months and one day from the date of the closing, in accordance with applicable securities legislation.

PyroGenesis intends to use the proceeds of the private placement for working capital and general corporate purposes.

The private placement has been conditionally approved by the TSX, but remains subject to the TSX's final approval, as well as other customary closing conditions.

About PyroGenesis Inc.

PyroGenesis leverages 34 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions and materials development challenges across heavy industry and defence. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis's engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultrahigh temperature technology. PyroGenesis's operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis's shares trade on the Toronto Stock Exchange (PYR), OTCQX (PYRGF) and Frankfurt (8PY1) stock exchanges

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