PyroGenesis confirms receipt of milestone payment from Client B

PyroGenesis Canada confirms that, further to its press release dated January 26, 2023, it has received the project milestone payment of approximately $2.4M. This payment was triggered by the recently announced delivery of four 1-MW plasma torch systems to a major international iron ore producer, Client B, for use in the Client’s iron ore pelletization furnaces – a key upstream part of the steelmaking process. As noted in the January 26th press release, the Client now has all major components related to the Company’s plasma torch systems on site at one of their large, integrated iron ore mining and processing locations. This allows for the installation and trials to proceed at the Client’s discretion, the conclusion of which is expected by the end of Q2 2023. The name of the Client – a multi-billion-dollar international producer of iron ore who is undertaking the testing of plasma torches to replace fossil fuel-burners as part of its iron ore pelletization process – has been kept confidential for competitive reasons.