Mr. P. Peter Pascali reports

PYROGENESIS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Further to the recent press release dated March 9, 2026, PyroGenesis Inc. has closed the previously announced non-brokered private placement. The private placement was oversubscribed and sold 3,654,537 units at a price of 54 cents per unit for gross proceeds of $1,973,450.

The private placement was originally structured to raise up to approximately $1-million through the issuance and sale of up to 1,851,852 units of the company. The company announced [by press release dated March 11, 2026] that the private placement had been oversubscribed and that no further requests for participation would be accepted. The offering for the private placement consists of an issuance of units of the company at a price of 54 cents per unit. Each unit consists of one common share of PyroGenesis and one-half of a common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at a price of 70 cents for a period of 36 months following the closing date of the private placement. 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 closing in accordance with applicable securities legislation.

Under the terms of the common share purchase warrant indenture, the company will have the right to accelerate the expiry date of the warrants, provided that, if, at any time before their expiry date, the closing price of the common shares on the Toronto Stock Exchange is greater than 90 cents in two of any five consecutive trading days, the company will be entitled, within 15 days of the occurrence of such event, to accelerate the expiry date of the warrants to the date that is 30 days following the date that notice of such acceleration is provided. Such notice shall be deemed to have been provided upon either the e-mail notification of the holders of such warrants or the issuance of a press release by the company announcing the achievement of the acceleration event.

Among the interested participants, P. Peter Pascali, the president and chief executive officer of PyroGenesis, directly subscribed for approximately $400,000, which represents the maximum dollar amount that, as an insider, Mr. Pascali is allowed to participate in by the regulators at this time. The regulations limit the amount of participation by insiders to a certain percentage of total shares outstanding net of the amount that insiders have participated in over the past several months.

The company intends to use the net proceeds from the private placement for working capital and general corporate purposes.

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

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emission and material 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 has engineers, scientists and technicians who 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), the OTCQX (PYRGF) and the Frankfurt Stock Exchange (8PY1).

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