PyroGenesis closes $3.5M first tranche of financing

Mr. P. Peter Pascali reports PYROGENESIS ANNOUNCES CLOSING OF THE FIRST TRANCHE OF THE FIRST UNIT GROUP OF THE NON-BROKERED PRIVATE PLACEMENT FOR APPROXIMATELY $3,500,000 Further to its press release dated Oct. 1, 2025, PyroGenesis Inc. has completed the first tranche of the first unit group of the previously announced non-brokered private placement by issuing and 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. Each 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. 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. P. Peter Pascali, president and chief executive officer of PyroGenesis, directly subscribed for the entire first tranche, representing an investment of approximately $3.5-million, through the acquisition of 5,555,556 units at a price of 63 cents per unit. The first tranche of the second unit group is expected to close next week. The second unit group includes the issuance and sale of four million units at a price of 20 cents per unit for approximate gross proceeds of $800,000. Each warrant under this group entitles the holder to purchase one common share at a price of 40 cents for a period of 24 months following the closing date. 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 ultrahigh-temperature technology. PyroGenesis's operations are ISO 9001:2015 and AS9100D certified, with ISO (International Organization for Standardization) certification maintained since 1997. PyroGenesis's shares trade on the Toronto Stock Exchange (symbol: PYR), the OTCQX exchange (symbol: PYRGF) and Frankfurt Stock Exchange (symbol: 8PY1). We seek Safe Harbor.