PyroGenesis Comments on Recent Online Post

Rhea-AI Summary

PyroGenesis (OTCQX: PYRGF) addressed an online post by a current board member made after market hours on October 10, 2025, which contained incorrect details about the company’s ongoing non-brokered private placement.

The company clarified the placement was announced October 1, 2025 with potential funding of approximately $5 million, that the placement is still ongoing and not officially oversubscribed, and that the first tranche of the first unit group is expected to be completed during the upcoming week. The board reviewed the incident and says corrective action was taken.

Positive

• Private placement announced on October 1, 2025 with target ≈ $5 million
• First tranche of first unit group expected to complete during the upcoming week
• Board reviewed the incident and implemented corrective action

Negative

• Board member posted incorrect oversubscription claim of $7.5–$8.0 million
• Incorrect post was publicly available overnight before being deleted, indicating a governance disclosure lapse

MONTREAL, Oct. 12, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis” or “the Company”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), the leader in innovating for ultra-high temperature processes and engineering, and a technology provider to heavy industry & defense, provides the following comment in regard to a recent online post from a current member of the Company’s board of directors.

On Saturday October 11, 2025, it came to the Company’s attention that an online post from a current member of the PyroGenesis board of directors had been made on the night of Friday October 10, outside of market hours. This post contained information regarding the Company’s recently announced non-brokered private placement (the “private placement”). A portion of this information should not have been posted and is incorrect. Upon recognizing the error, the post was quickly deleted. PyroGenesis asks that any versions of this since-deleted post be disregarded and not disseminated further.

More specifically, the post contained details about the private placement that had been previously released, however it also contained a sentence that “… (the Company’s ongoing private placement) has been oversubscribed bringing in between $7.5-$8.0 million to the company…”.

While the Company had previously announced, on October 1, 2025, its intention to conduct this non-brokered private placement, with a potential funding of approximately $5 million, the private placement is currently ongoing, and neither a statement of oversubscription, nor a suggestion that the private placement is complete, can be formally, nor accurately, stated at this time.

As a matter of clarification, the Company can state that, at the time of this press release, the private placement is not officially oversubscribed. We can further confirm that the first tranche of the first unit group of the private placement, is expected to be completed during the upcoming week.

PyroGenesis is committed to timely disclosure and takes corporate governance seriously. The board of directors has reviewed this situation in full, and corrective action has been taken.

About PyroGenesis Inc.

PyroGenesis leverages 30 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.

Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information contact ir@pyrogenesis.com or visit http://www.pyrogenesis.com

FAQ

What did PyroGenesis (PYRGF) clarify about the October 10, 2025 online post?

The company said the post contained incorrect oversubscription details and asked that deleted versions be disregarded.

Is PyroGenesis's non-brokered private placement for PYRGF officially oversubscribed on October 12, 2025?

No; the company stated the private placement is ongoing and is not officially oversubscribed at this time.

How much funding did PyroGenesis (PYRGF) indicate as the potential size of the private placement?

The company previously announced a potential funding amount of approximately $5 million.

When does PyroGenesis expect to complete the first tranche of the private placement for PYRGF?

The company expects the first tranche of the first unit group to be completed during the upcoming week from October 12, 2025.

What corrective steps did PyroGenesis report after the incorrect PYRGF post?

The board reviewed the situation in full and said corrective action has been taken.

Should investors rely on the deleted online post about PYRGF's private placement?

No; PyroGenesis asked that any versions of the since-deleted post be disregarded and not disseminated further.