PyroGenesis Inc. (TSX: PYR) Receives US$1.28 Million Payment as Part of Drosrite™ Contract with Radian Oil and Gas

Highlights

• PyroGenesis secures US$1.28 million payment as part of CA$25+ million Drosrite™ contract.
• Drosrite™ systems fully operational at Ma’aden aluminum plant, Saudi Arabia, with more units to be delivered.
• PyroGenesis’ solutions contribute to the optimization of critical metals and environmental sustainability.

PyroGenesis Inc. (TSX:PYR) (OTCQX:PYRGF) (FRA: 8PY), a leading high-tech company that develops and commercializes advanced plasma processes, has announced the receipt of a US$1.28 million (CA$1.85 million) payment as part of its existing CA$25+ million Drosrite™ contract with Radian Oil and Gas Services Company. This payment marks another milestone in the company’s successful relationship with Radian and is a key step in the ongoing delivery of PyroGenesis’ innovative aluminum dross recovery systems.

Contract Details and Payment Structure

The payment received by PyroGenesis is part of a revised payment schedule that better aligns with the cash flow pressures experienced by Radian Oil and Gas Services due to increased business opportunities. PyroGenesis CEO, P. Peter Pascali, emphasized that the patience exhibited by the company has fostered a strong level of trust between PyroGenesis, Radian, and their new partner. This trust is expected to be a driving force as PyroGenesis continues to expand its operations in the region, which is well-funded and focused on future growth.

The contract, which involves the supply of seven Drosrite™ aluminum dross recovery systems, is a significant component of PyroGenesis’ efforts to address global environmental challenges. As previously reported, PyroGenesis contracted with PyroGenesis International LLC, which in turn contracted Radian for the order. To date, the first three Drosrite™ systems have been manufactured, delivered, and are fully operational at the Ma’aden aluminum plant in Ras Al-Khair, Saudi Arabia.

Drosrite™ System Success in Saudi Arabia

The Ma’aden aluminum plant, a joint venture with Alcoa, is one of the largest and most efficient vertically integrated aluminum complexes in the world. The plant is renowned for its world-class smelting operations and is a key player in the global aluminum market. The successful deployment of the Drosrite™ systems at this facility marks a major achievement for PyroGenesis, as the systems are now actively contributing to the plant’s operations.

The remaining four Drosrite™ systems are also on track to be delivered and are set to play a crucial role in further enhancing the client’s operations in Saudi Arabia. These systems are designed to recover valuable aluminum from dross, a waste by-product, thus optimizing production and reducing environmental impact. The Drosrite™ technology is part of PyroGenesis’ broader suite of solutions aimed at improving the sustainability and efficiency of heavy industries.

Strategic Role in Global Sustainability

PyroGenesis’ involvement in developing the Drosrite™ aluminum dross recovery systems aligns with the company’s three-tiered solution ecosystem, which addresses key economic and environmental challenges in global heavy industries. The Drosrite™ technology falls under the “Commodity Security and Optimization” tier, where PyroGenesis focuses on recovering valuable metals and optimizing production processes to maximize raw materials and improve the availability of critical minerals.

In addition to this, PyroGenesis’ solutions also contribute to the “Energy Transition and Emission Reduction” and “Waste Remediation” tiers, reinforcing the company’s commitment to creating sustainable solutions that support global environmental goals. The company’s technologies are helping industries reduce their greenhouse gas emissions and address environmental pollutants, which is increasingly important as governments and organizations prioritize sustainability in the face of climate change.