PlasCred Circular Innovations Inc. Announces Non-Dilutive Funding to Advance the Neos Facility

Rhea-AI Summary

PlasCred Circular Innovations (MGPRF) announced receipt of advisory services and up to $2.35 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support engineering, staffing and operating activities for its proposed commercial Neos facility.

Neos is designed to process approximately 100 metric tonnes of mixed plastic waste per day into refined hydrocarbon condensate. The company said the IRAP funding will advance engineering and design costs. A previously announced $5.0 million grant from Emissions Reduction Alberta will become available when Neos construction begins; remaining construction funding is still being pursued under a PwC engagement.

Positive

• Up to $2.35 million NRC IRAP funding secured
• Neos design capacity: 100 metric tonnes/day
• $5.0 million ERA grant committed upon construction start

Negative

• Construction funding remains incomplete; additional capital required
• ERA grant access conditional on construction start, not immediate

Calgary, Alberta--(Newsfile Corp. - February 9, 2026) - PlasCred Circular Innovations Inc. (CSE: PLAS) (FSE: XV2) (the "Company" or "PlasCred"), is pleased to announce that it is receiving advisory services and funding of up to $2.35 million from the National Research Council of Canada Industrial Research Assistance Program ("NRC IRAP") funding to support engineering, staffing, and operating activities for the Company's proposed commercial facility ("Neos").

The Neos facility is currently designed to process approximately 100 metric tonnes of mixed plastic waste per day into refined hydrocarbon condensate. When constructed, Neos will be the commercial-sized facility of the original pilot plant, Primus.

The IRAP funding will be used by PlasCred to advance the commercial development of Neos including engineering and design costs. The previously announced government funding including grants of $5.0 million from Emissions Reduction Alberta ("ERA") a Government of Alberta agency, will become available when the construction of Neos commences. The Company continues to pursue the remaining funding required for the construction of Neos pursuant to the previously announced PwC engagement.

About PlasCred Circular Innovations Inc.

PlasCred is an Alberta-based company developing an advanced plastic recycling facility. The Company's engineered, modular platform converts mixed plastic waste into refined hydrocarbon condensate for use in virgin plastic production, petrochemical feedstock, and upstream energy applications.

For further information on PlasCred, visit our website at www.PlasCred.com.

ON BEHALF OF THE BOARD

Troy Lupul - President & CEO

Contact Information

For more information please contact:
PlasCred Circular Innovations Inc.
Investor Relations
Email: IR@PlasCred.com

Forward-Looking Statements

Forward-looking statements in this release include, but are not limited to: the timing, scope, and cost of constructing the Neos facility; projected operating performance, revenues, EBITDA, internal rate of return, and payback period; anticipated greenhouse-gas reductions; the availability, terms, and timing of financing; feedstock sourcing, quality, and pricing; regulatory approvals; offtake performance; and the Company's broader commercialization, replication, and expansion plans, including the proposed Maximus facility and any future North American locations. Forward-looking statements are based on management's current assumptions and expectations, which are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Such risks and uncertainties include, without limitation: construction, commissioning, and start-up risks; cost overruns; delays or disruptions in the supply chain; ability to achieve and maintain nameplate capacity at scale; changes in feedstock availability, composition, or pricing; fluctuations in commodity prices and foreign exchange rates; failure of counterparties to perform under offtake, financing, or strategic agreements; changes in applicable laws, regulations, or EPR requirements; inability to secure or maintain permits; adverse changes in market demand for advanced recycling products; evolving ESG reporting standards; technology performance or reliability issues; and general economic, political, and capital market conditions. A discussion of these and other factors that may affect future results is contained in the Company's continuous disclosure filings available under its profile on SEDAR+ at www.sedarplus.ca. Forward-looking statements are not guarantees of future performance, and readers should not place undue reliance on them. Except as required by applicable securities laws, the Company undertakes no obligation to revise or update any forward-looking statements to reflect new events, circumstances, or otherwise.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283139

FAQ

What funding did PlasCred (MGPRF) announce on February 9, 2026?

PlasCred announced up to $2.35 million in NRC IRAP advisory services and funding to advance the Neos project. According to the company, funds are earmarked for engineering, staffing and operating activities, complementing a previously announced $5.0 million ERA grant.

What is the planned processing capacity of the Neos facility announced by PlasCred (MGPRF)?

Neos is designed to process approximately 100 metric tonnes of mixed plastic waste per day into refined hydrocarbon condensate. According to the company, Neos will be the commercial-scale follow-on to its Primus pilot plant.

How will PlasCred (MGPRF) use the NRC IRAP funding for Neos development?

The company will use the NRC IRAP advisory services and funding for engineering, design, staffing, and operating activities. According to the company, the funds aim to advance commercial development ahead of construction financing.

Is the previously announced $5.0 million ERA grant available now for PlasCred (MGPRF)?

The $5.0 million ERA grant will become available only when Neos construction commences. According to the company, accessing that grant is conditional on starting construction, so it is not immediately accessible.

What remaining financing steps does PlasCred (MGPRF) need to start Neos construction?

PlasCred is still pursuing the remaining construction funding and has engaged PwC to assist with financing efforts. According to the company, additional capital beyond IRAP and ERA support is required before construction can begin.