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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 170,125,795
Close 2022-05-19 C$ 2.42
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HPQ-Silicon to receive Purevap reactor from PyroGenesis

2022-05-19 15:00 ET - News Release

See News Release (C-HPQ) HPQ-Silicon Resources Inc

Mr. Bernard Tourillon of HPQ-Silicon reports

OWNERSHIP OF THE PUREVAP(TM) QUARTZ REDUCTION REACTOR PILOT SYSTEM TRANSFERRED TO HPQ SILICON

HPQ-Silicon Resources Inc. would like to inform shareholders that, with the forthcoming start of the final phase of the Purevap quartz reduction reactor (RRQ) research and development (R&D) program and the imminent completion of the commissioning of the pilot system, time has arrived for the ownership of the pilot system to be transferred to HPQ-Silicon from PyroGenesis Canada Inc.

The plan as always been to transfer the ownership of the pilot systems from PyroGenesis to HPQ-Silicon prior to the reactor start, since, under the terms of the July, 2016, agreement, HPQ-Silicon is the sole party entitled to claim R&D credits associated with the Purevap QRR pilot plant system operations.

Transferring the ownership required HPQ-Silicon to purchase insurance to cover the $6.2-million 2022 replacement cost, estimated by PyroGenesis, of HPQ Purevap QRR pilot system. Based on PyroGenesis updated quotation, one thing is very clear, prices have increased significantly since the July, 2016, signing of the agreement. HPQ paid, as per the 2016 agreement, $4.24-million for design, fabrication and commissioning the pilot system. Current replacement cost is $6.2-million for the fabrication and commissioning of a new pilot system.

HPQ chief executive officer Bernard Tourillon commented: "It may have taken time to get here, but the decision to enter early into a long-term and mutually beneficial relationship with PyroGenesis to harness the potential of new silicon materials manufacturing will soon come to fruition. Two thousand twenty-two and beyond are going to be years for silicon and our unique and innovative processes of manufacturing and commercializing silicon and nanosilicon materials needed for an ESG-demanding [environmental, social and governance] industrial landscape is one of our greatest strengths going forward."

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 three 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 R&D and manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization.

About HPQ-Silicon Resources Inc.

HPQ-Silicon Resources is a Quebec-based innovative silicon solutions company that offers silica-based (SiO2) and silicon-based (Si) solutions and is developing a unique portfolio of high value-added silicon products sought after by battery and electric vehicle manufacturers.

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