PyroGenesis director's post contains incorrect info

Executive Summary

• PyroGenesis Inc. issued a clarification regarding an unauthorized online post made by a current board member on October 10, 2025, which contained incorrect information about the company's ongoing non-brokered private placement.
• The company explicitly stated that the private placement is not officially oversubscribed and rejected claims that it had raised between $7.5 million and $8.0 million.
• PyroGenesis confirmed that the first tranche of the first unit group of the private placement is expected to be completed during the coming week, following the initial announcement of a potential financing of approximately $5 million.

Key Details

• Incident Details: A current board member posted incorrect information regarding the private placement on the night of Friday, Oct. 10, 2025. The post claimed the placement was oversubscribed with proceeds between $7.5 million and $8.0 million.
• Correction: The post was deleted upon recognition of the error. PyroGenesis requests that any disseminated versions of the deleted post be disregarded.
• Financial Clarification:
  • The company had previously announced (on Oct. 1, 2025) an intention to conduct a non-brokered private placement with a potential financing of approximately $5 million.
  • The company confirms the placement is not officially oversubscribed at the time of this release.
  • No statement suggesting the private placement is complete can be made at this time.
• Timeline: The first tranche of the first unit group of the private placement is expected to be completed during the coming week.
• Governance: The board reviewed the situation, and corrective action has been taken. The company reaffirmed its commitment to timely disclosure and corporate governance.

Notable Quotes

• "A portion of this information should not have been posted and is incorrect."
• "As a matter of clarification, the company can state that, at the time of this press release, the private placement is not officially oversubscribed."
• "The board of directors has reviewed this situation in full, and corrective action has been taken."