22:29:29 EDT Tue 04 Oct 2022
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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 170,140,795
Close 2022-02-01 C$ 3.52
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PyroGenesis receives $4-million Drosrite purchase order

2022-02-02 14:31 ET - News Release

Mr. P. Peter Pascali reports


Further to its press release dated June 7, 2021, PyroGenesis Canada Inc. has entered into an agreement with an existing client to purchase the first of three 10,000-ton-per-year Drosrite systems. The contract is for $3-million (U.S.) (approximately $4-million (Canadian)). The client's name shall remain anonymous for competitive and confidential reasons.

The execution of this contract follows the receipt of a letter of intent (LOI) from the existing client on June 07, 2021, in which the client expressed its intention to purchase three systems to address an increase in its overall dross processing capacity. The client is expanding its aluminum processing facilities and, as such, expects to process an additional 30,000 tons per year of dross.

It is expected that the facility will be operational in April, 2022. PyroGenesis expects to deliver the first system of the expansion within six to eight months of receipt of the down payment. The purchase order also confirms purchasing the second system, at the same price as the first, upon the successful startup of the client's facility, and having the facility meet the specific internal project performance/quality requirements of the expansion. The expansion has different performance/quality requirements than the facility. The price and timing of the third system has yet to be quantified. The client has not shared with the company its timeline to confirm the expansion's performance/requirements.

"This purchase order is further validation of the success we are having in introducing our environmental technologies within the aluminum industry," said P. Peter Pascali, chief executive officer and chair of PyroGenesis. "PyroGenesis' Drosrite offering enables smelters to not only operate more economically, but also to concurrently reduce their GHGs emissions at the same time. With the receipt of the purchase order, we now have 13 commercial Drosrite systems either in full operation, delivered or in the process of being delivered. Once all systems are fully operational, we expect to generate recurring revenue, from ongoing maintenance and spare parts contracts."

PyroGenesis's Drosrite system is a salt-free, cost-effective, sustainable process for maximizing metal recovery from dross, a waste generated in the metallurgical industry. It offers the aluminum industry an economically and environmentally sound solution to processing its dross (a waste stream containing valuable metal), eliminating landfill, while at the same time contributing to reducing GHG emissions. PyroGenesis's process avoids costly loss of metal while reducing a smelter's carbon footprint and energy consumption, providing an impressive return on investment.

About PyroGenesis Canada Inc.

PyroGenesis Canada, 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-square-metre and 2,940-square-metre manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO (International Organization for Standardization) 9001:2015 and AS9100D certified, having been ISO certified since 1997.

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