PyroGenesis provides update on PURECAP QRR project with HPQ Silicon

PyroGenesis Canada provides, further to HPQ Silicon Inc’s press release dated January 19th 2023, and the Company’s news release on November 8, 2022, an update on its Gen3 PUREVAP Quartz Reduction Reactor pilot plant project following recent inquiries from investors. "The question that keeps being asked of us is what does successful testing ultimately mean to PyroGenesis?", said P. Peter Pascali, CEO and Chair of PyroGenesis, "The answer is that besides the strategic investment PyroGenesis has in HPQ, the Company also benefits from a royalty payment representing 10% of the Client’s sales. In addition to this, the subsequent commercial systems required by HPQ for commercialization would be manufactured by PyroGenesis. Although these current tests and the subsequent engineering study will determine the profitability of the project, they will also determine the exact number of reactors required. To give more clarity, at this stage both HPQ and PyroGenesis agree, given what we know today, that at least two initial reactors, each reactor capable of producing 2,500 MT of high purity silicon per year, at a build cost to HPQ of at least $20 million each, would be required. This assumes successful testing which, although we are confident in, is not guaranteed as there are many uncertainties yet to be addressed before we can say with confidence that we have a successful process to commercialize."