An anonymous director reports

PYROGENESIS RECEIVES $860,000 DOWN PAYMENT FOR RECENTLY ANNOUNCED TWO-TORCH CONTRACT WITH EUROPEAN MINING, METALLURGY & MATERIALS CLIENT

PyroGenesis Inc. has received a down payment of approximately $860,000 (540,000 euros) under the terms of a recently announced $1.4-million (900,000 euros) contract with a European institute. The balance under this contract, of approximately 360,000 euros, will be paid based on project milestones over the coming months. The client's name will remain confidential for competitive reasons.

As previously announced (news release Aug. 19, 2026), this contract is for a two-torch plasma system of different power levels for use in advanced metallurgy and high-temperature applications. Both a 300-kilowatt system and a 40 kW plasma torch will be designed with multi plasma-forming gas options. The client is focused on non-ferrous metallurgy, high-purity materials, sustainable recycling and the decarbonizing process, and has numerous projects under way. The plasma torches are expected to be used across a number of these applications. As indicated in the announcement, a 60-per-cent down payment was expected within the weeks following the contract announcement, and this has now been received.

Industry and market context

• The global non-ferrous metals market, which includes core industrial metals like aluminum, copper, zinc, nickel and lead, is valued at over $1.2-trillion.
• With rising demand driven by lightweight material needs in automotive and aerospace manufacturing, renewable energy, and digital infrastructure, the market is expected to reach $1.77-trillion by 2034.
• As demand increases and as raw material volatility persists, metal recycling is expanding rapidly, with the recycling and reprocessing of these metals accounting for 30 to 40 per cent of the total global market metal supply. Some estimates suggest that 60 per cent of the global non-ferrous metal demand is met through recycled sources.
• Among several solutions targeting the non-ferrous metals industry, PyroGenesis provides plasma torch technology to heat recycled and scrap aluminum remelting and holding furnaces in aluminum cast houses4, and provides the Drosrite system to extract and reuse valuable aluminum from aluminum dross waste streams.

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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