PyroGenesis closes $822,000 first tranche of placement

Mr. Peter Pascali reports PYROGENESIS ANNOUNCES CLOSING OF THE FIRST TRANCHE OF THE SECOND UNIT GROUP OF THE NON-BROKERED PRIVATE PLACEMENT FOR APPROXIMATELY $822,000 Further to PyroGenesis Inc.'s press release dated Oct. 1, 2025, the company has completed the first tranche of the second unit group of the previously announced non-brokered private placement by issuing and selling an aggregate of 4.11 million units of the company at a price of 20 cents per unit, for gross proceeds of approximately $822,000 to the company. This tranche is slightly oversubscribed. Each unit within the second unit group consists of one common share of the company and one common share purchase warrant, at a price of 20 cents per unit. Each second unit group warrant entitles the holder to purchase one common share at a price of 40 cents for a period of 24 months following the closing date. 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 the closing, in accordance with applicable securities legislation. The company previously announced (press release dated Oct. 16, 2025) the closing of the first tranche of the first unit group, selling an aggregate of 5,555,556 units of the company at a price of 63 cents per unit, for gross proceeds of approximately $3.5-million to the company. Each unit within the first unit group consists of one common share of the company and one common share purchase warrant at a price of 63 cents per unit. Each first unit group warrant entitles the holder to purchase one common share at a price of 28 cents for a period of 48 months following the closing date. P. Peter Pascali, the president and chief executive officer of PyroGenesis, did not subscribe to any units in this second unit group tranche, after having subscribed to the entire first tranche of the first unit group. Both unit groups remain open, notwithstanding the second unit group being slightly oversubscribed, with both unit groups expected to close next week. PyroGenesis intends to use the proceeds of the private placement for working capital and general corporate purposes. The private placement has been conditionally approved by the Toronto Stock Exchange, but remains subject to the TSX's final approval, as well as other customary closing conditions. About PyroGenesis Inc. PyroGenesis leverages 30 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 ultra-high 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 We seek Safe Harbor.