PyroGenesis Confirms Third-Party Verification of Its Fumed Silica: Successfully Meets Major Requirement for Proposed Joint Venture

Executive Summary

• Independent U.S. lab confirmed that PyroGenesis’ fumed silica reactor (FSR) product meets a critical characteristic required for the planned JV, representing the first‑step validation of the MOU announced on Feb 12, 2026.
• The JV partner has purchased 50 kg of fumed silica for further testing; all testing and technical due diligence are expected to be completed within the next 4–6 weeks.
• PyroGenesis remains in the final stage of exercising its option to acquire a 50 % interest in HSPI and anticipates receiving US$20 million to build a commercial‑scale 1,000 TPY fumed silica plant, with execution of definitive agreements targeted by end‑Q2 2026.

Key Details

• Technical Validation: Independent lab results show the FSR‑produced fumed silica meets the “fundamental characteristic” needed for JV progression.
• Additional Testing: JV partner purchased 50 kg of product; further testing to be completed within ~6 weeks.
• Due Diligence: Ongoing technical due diligence expected to finish within 4 weeks; timeline may extend based on findings.
• JV Structure (per MOU):
• PyroGenesis to receive US$20 million for construction of a 1,000 TPY FSR plant.
• Plant to be owned/financed by JV partner (terms pending).
• Royalty payable to HSPI on each kilogram sold (price TBD).
• Profit‑sharing and off‑take arrangements to be negotiated.
• Option Exercise: PyroGenesis is in final stages of exercising its option to acquire a 50 % stake in HPQ Silica Polvere Inc. (HSPI).
• Commercial Timeline: Commercial‑scale plant expected to be delivered within 12 months of JV formation; additional plants may follow.
• Contingencies: Formation of the JV remains conditional on execution of definitive agreements by end‑Q2 2026; no guarantee that the JV will materialize or be commercially viable.

Notable Quotes

“Our fumed silica process represents a fundamental shift… It is game‑changing in every sense of the word.” – P. Peter Pascali, President & CEO, PyroGenesis Inc.