Pyrogenesis - PYRGF STOCK NEWS

PyroGenesis Canada, a company focused on advanced plasma processes and sustainable solutions, announced the repricing of up to 4,107,850 common share purchase warrants. The warrants, previously priced at $1.25 to $1.75, will now have an exercise price of $0.75 per share starting July 17, 2024. If the company’s shares trade above $0.9375 for five consecutive days, the company can accelerate the warrant expiry date. The repricing is approved by the Toronto Stock Exchange, and no insiders are involved in the warrants' amendment. Proceeds from the warrant exercises will be used for corporate purposes.

PyroGenesis Canada, a high-tech firm specializing in advanced plasma processes and sustainable solutions, has responded to investor questions following its annual general meeting on June 27, 2024. The company confirmed the continuing delivery of a titanium metal powder order and provided updates on various projects, including the Plasma Resource Recovery System (PRRS) whose contract value has escalated to $115-$160 million. Delays in the SPARC™ waste destruction system project were acknowledged, shifting delivery to early 2025. Pyro Green-Gas, a subsidiary, has secured $4 million in new projects, with ongoing negotiations for more. The company is also negotiating a $15-$25 million plasma torch system contract with a North American entity and continues to pursue a $10 million plasma torch purchase project in the U.S. Additionally, positive lab results for the PozPyro cement additive were reported.

On June 27, 2024, PyroGenesis held its annual shareholders meeting virtually, with around 48.33% of outstanding shares represented. All nominated directors were elected with overwhelming majorities. Key votes included Alan Curleigh (99.62% for), P. Peter Pascali (99.60% for), and others. Shareholders also reappointed Raymond Chabot Grant Thornton LLP as the company's auditor. Detailed results are available on SEDAR+.

PyroGenesis updated investors on receiving a CAD$4.1 million payment as part of a CAD$25 million contract with Drosrite International, linked to Radian Oil and Gas Services. This payment relates to delivering seven Drosrite aluminum dross recovery systems for Ma’aden's aluminum plant in Saudi Arabia. Three systems are operational, and four are awaiting storage fee payments. An outstanding amount of CAD$6.2 million is due, with CAD$1.375 million postponed to 2025. Once the balance is cleared, the remaining systems will be shipped, expected to be operational by year-end. USD$1 million remains to be invoiced, which will be recognized as revenue upon completion.

PyroGenesis, a high-tech company specializing in advanced plasma processes and sustainable solutions, has received a USD$3 million (CAD$4.1 million) payment under its CAD$25+ million Drosrite™ contract.

This payment aligns with a revised schedule to accommodate the end-client's cash flow needs. The Drosrite™ contract involves the manufacturing and delivery of seven aluminum dross recovery systems to Radian Oil and Gas Services for the Ma’aden aluminum plant in Saudi Arabia. Three systems have been delivered and are operational, while the remaining four are manufactured and awaiting delivery.

The Drosrite™ systems are part of PyroGenesis' efforts to optimize production and maximize raw material recovery in heavy industries.

PyroGenesis has secured a second contract from a Spanish aerospace client for its titanium metal powder, ideal for additive manufacturing. The client, a global leader in aerospace propulsion, initially placed an order in April 2024 and may consider a long-term contract following this deal. The titanium powder, produced via PyroGenesis' NexGen™ plasma atomization system, is designed for Laser Powder Bed Fusion methods. This order aligns with PyroGenesis' strategy to become a key supplier in the aerospace sector, enhancing their commercial reach and reinforcing their position in the titanium metal powder market.

PyroGenesis has announced contracts worth $2.5 million for the engineering, design, and fabrication of a thermal swing adsorption (TSA) system as part of the Varennes Carbon Recycling (VCR) plant, a $1 billion biofuel project in Quebec. The VCR plant aims to convert 200,000 tonnes of waste into 125 million liters of biofuels annually, with a focus on reducing greenhouse gas emissions by over 170,000 tonnes annually. The plant is supported by major partners such as Shell, Suncor, Proman, and Enerkem, as well as the Quebec and Canadian governments. Pyro Green-Gas, a subsidiary of PyroGenesis, will complete the TSA system by Q4 2024. The TSA technology is part of PyroGenesis's strategy to provide sustainable solutions for heavy industries.

PyroGenesis has been advised by a global aerospace OEM that its Ti64 “coarse” powder has met all requirements to be added to the client’s approved supplier list. The formal addition will occur this summer. This powder, used in additive manufacturing, underwent extensive evaluations, including quality management reviews and on-site audits. This development underscores the quality of PyroGenesis' NexGen™ plasma atomization process and positions the company favorably within the aerospace industry. Additionally, PyroGenesis' 'fine cut' Ti64 metal powder is also in the qualification process with the same client.

PyroGenesis has announced its intent to exercise its option to convert its annual royalty rights into a 50% ownership of HPQ Silica Polvere, a subsidiary of HPQ Silicon. This move is part of a Development and Purchase Agreement with HPQ Polvere. The conversion is expected to enhance PyroGenesis' stake in the innovative Fumed Silica Reactor (FSR) project, which aims to produce eco-friendly fumed silica. The FSR project is progressing well, with major equipment on-site and construction on track for Q2 2024 commissioning. The market for fumed silica is growing, valued at $1.3 billion in 2022 and expected to reach $2.1 billion by 2032.