Mr. Peter Pascali reports

PYROGENESIS ANNOUNCES CLOSING OF $2 MILLION PRIVATE PLACEMENT

PyroGenesis Inc. has completed its previously announced non-brokered private placement that was concurrent to a bought deal offering. The bought deal closed previously on June 3, 2026.

The concurrent private placement was solely and entirely subscribed by P. Peter Pascali, the company's president and chief executive officer, for 5,882,352 units at a price per unit of 34 cents, for gross proceeds to the company of $2-million. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant under the concurrent private placement entitles Mr. Pascali to purchase one common share of the company at a price of 42 cents. Warrants to be issued to Mr. Pascali under the concurrent private placement expire 24 months from the closing date of the offering. All units acquired pursuant to the concurrent private placement will be subject to a hold period of four months pursuant to applicable Canadian securities laws.

Combined, the concurrent private placement and the bought deal offering total approximately $6.2-million.

The previously closed bought deal offering issued 12,514,875 units of the company for aggregate gross proceeds of $4,255,057.50 at a price per unit of 34 cents, including the full exercise of the underwriter's option. The offering was led by Research Capital Corp. as the sole underwriter and sole bookrunner.

Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant under the bought deal entitles the holder thereof to purchase one common share of the company at a price of 42 cents at any time until June 3, 2029.

The company intends to use the net proceeds from the offering and concurrent private placement for working capital and advancements of contracts and backlog.

About PyroGenesis Inc.

PyroGenesis leverages 35 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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