PyroGenesis Signs Plasma-Based Contract With Leading Battery Recycler

Rhea-AI Summary

PyroGenesis (OTCQX: PYRGF) signed a testing contract with one of the world’s largest battery recyclers to evaluate plasma-based high-temperature processing for lithium-ion battery material recovery. The program will test replacing fossil-fuel heating with plasma to recover cathode and anode materials, including nickel, cobalt, copper and lithium oxides. The testing timeline is Q4 2025 to Q1 2026. The client name and project value remain confidential for competitive reasons.

Positive

• Testing contract secured with a top global battery recycler
• Program timeline set: Q4 2025–Q1 2026
• Targets recovery of nickel, cobalt, copper, lithium from batteries

Negative

• Client identity and project value withheld, limiting transparency
• Agreement is a testing program, not a binding commercial supply contract

Key Figures

Battery recycling timeline start Q4 2025 Plasma testing program period

Battery recycling timeline end Q1 2026 Plasma testing program period

End-of-life batteries 2040 20,500 kilotons Projected volume of end-of-life lithium-ion batteries by 2040

End-of-life batteries 2025 900 kilotons Estimated lithium-ion end-of-life battery volume in 2025

Growth rate 25% Annual growth rate of end-of-life lithium-ion battery volumes

Market Reality Check

$0.2277 Last Close

Volume Volume 155,727 vs 20-day average 50,376, with relative volume at 3.09 ahead of this contract news. high

Technical Shares at 0.2502, trading below the 200-day MA of 0.27 despite the contract-driven gain.

Peers on Argus

PYRGF rose 32.66%, while peers were mixed: ASPZ up 7.45%, CVAT up 1.94%, NEWH down 1.12%, and others flat. No broad sector move or related peer headlines were detected, pointing to a company-specific reaction.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Aerospace supply contract	Positive	+24.1%	Titanium metal powder order from a global aerospace leader after certification.
Dec 03	Industrial contract win	Positive	+0.1%	EUR 815,000 plasma torch contract for electrifying cement calcination furnace.
Nov 28	Private placement financing	Negative	+4.5%	Non-brokered private placement raising <b>$5,226,083</b> via units with warrants.
Nov 11	Q3 2025 earnings	Negative	+8.7%	Revenue decline, margin compression and net loss despite a <b>$51.6M</b> backlog.
Nov 05	Earnings call notice	Neutral	-1.6%	Scheduled Q3 2025 results and business update conference call details.

Pattern Detected

Recent news often triggered positive moves, including on financing and weak earnings, suggesting a tendency for shares to react favorably to growth or funding catalysts even when fundamentals are mixed.

Recent Company History

Over the last month, PyroGenesis reported Q3 2025 results with revenue of $3.25M, a 24% gross margin, and a $51.6M backlog, alongside ongoing industrial contracts. It completed a private placement raising total gross proceeds of $5,226,083. Subsequent contract wins in cement electrification and titanium powder supply to a global aerospace leader were followed by notable price gains. Today’s battery-recycling plasma contract extends this sequence of commercialization-focused announcements.

Market Pulse Summary

This announcement details a contract to test PyroGenesis’ plasma technology in lithium-ion battery recycling from Q4 2025 to Q1 2026, targeting recovery of cathode and anode materials. The projected rise in end-of-life batteries to 20,500 kilotons by 2040 underscores potential market scale. Recent history shows parallel efforts in industrial decarbonization and aerospace materials, while prior financings and Q3 2025 losses highlight the importance of monitoring execution and funding.

Key Terms

lithium-ion batteries technical

"With the demand for lithium-ion batteries, especially for EVs, rapidly increasing"

Rechargeable lithium-ion batteries are lightweight, high-energy storage cells that use lithium ions moving between electrodes to store and release electricity, like a refillable fuel tank for electronic devices and electric vehicles. Investors care because they power a wide range of products from phones to cars and grid systems, so improvements, costs, supply chain constraints, or safety issues can directly affect manufacturers’ profits, product demand, and capital expenditure plans.

cathode technical

"recover certain cathode or anode materials from end-of-life batteries"

A cathode is the electrode in a battery or other electrochemical device that acts like a receiving dock where electric charge is accepted during operation. Its material and design shape a product’s energy capacity, charging speed, safety, cost and lifespan, so advances in cathode chemistry or disruptions in cathode raw materials can materially influence the performance, competitiveness and financial outlook of companies in batteries, electronics and related supply chains.

anode technical

"recover certain cathode or anode materials from end-of-life batteries"

An anode is the electrode in a battery, electrochemical cell, or certain medical devices where chemical reactions release electrons that flow out into a circuit; think of it as the exit door for electrical charge. For investors, anode materials and design matter because they strongly influence a product’s efficiency, lifespan, safety and manufacturing cost—key factors that affect a company’s competitive position and future revenue in industries like energy storage and electronics.

critical minerals technical

"recovery of critical minerals from end-of-life batteries"

Materials needed to build modern technologies—like batteries, electronics, renewable energy systems and defense equipment—that have few easy substitutes and often come from a small number of countries or mines. Investors care because their supply can be disrupted, expensive or slow to increase, which affects the cost, availability and growth prospects of companies and industries that rely on them; think of them as critical spare parts for the global economy.

EV batteries technical

"providing a second life for EV batteries which, when retired, can have years"

EV batteries are the rechargeable battery packs that store and release the electricity used to power electric vehicles, including the individual cells and the electronics that manage charging and temperature. They matter to investors because their cost, energy range, charging speed, durability and the supply chain for their raw materials influence vehicle prices, operating costs, resale value and companies’ profit margins — like the smartphone battery that largely determines how useful a phone is.

AI-generated analysis. Not financial advice.

Project will test the use of plasma in the recovery of critical minerals from end-of-life batteries

MONTREAL, Dec. 11, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), the leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, announces today the recent signing of a contract with a company engaged in large-scale battery recycling, for the testing of high-temperature plasma during the material recovery and new battery production process. The client is one of the largest of its kind in the world. The client’s name and the total value of the project are being withheld for competitive and confidentiality reasons.

PROJECT HIGHLIGHTS

Purpose: using plasma to replace fossil fuel heating during lithium-ion battery recycling.

Scope: testing of PyroGenesis’ plasma technology for superheating materials as part of the process to recover certain cathode or anode materials from end-of-life batteries.

Timeline: Q4 2025 to Q1 2026.

Strategic Impact: supports end customer goals to achieve all-electric operations for a cleaner, more sustainable supply chain for reusable battery material, reducing the reliance on new mining activities, and providing a second life for EV batteries which, when retired, can have years of usable capacity left or be disassembled for material recovery. With the demand for lithium-ion batteries, especially for EVs, rapidly increasing, the volume of end-of-life lithium-ion batteries has the potential to reach 20,500 kilotons by 2040 from 900 kilotons in 2025, growing at an annual rate of 25%. This emphasizes the need for effective recycling and repurposing strategies.¹

As previously reported in the Outlook section of PyroGenesis’ 2^nd quarter earnings report, PyroGenesis had been in negotiations with a North American battery material recycler. The contract announced today is for a testing program to examine how plasma can be used in the recovery of cathode and anode materials from end-of-life lithium batteries.

The client is among the world’s largest recyclers of batteries. Extensive research and development by the client has proven the recovery potential of key minerals from batteries such as nickel, cobalt, copper, and various oxides such as lithium.

“As the use of lithium-ion batteries increases, and as the previous generation of electric vehicle batteries begin to reach their end of life, it is imperative that closed-loop remediation systems, that can recover viable minerals to produce new battery material, become more widely utilized,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis. “Companies like our client, who are using advanced technology while placing emphasis on all-electric processes – including those that may benefit from PyroGenesis’ plasma – will help battery and vehicle manufacturers shield themselves against volatile raw material pricing and critical mineral access while reducing carbon footprint and improving efficiency. We are excited by the possibility of PyroGenesis playing a role in the future of battery and critical mineral recycling.”

About PyroGenesis Inc.

PyroGenesis leverages 34 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

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¹ https://www.undp.org/sites/g/files/zskgke326/files/2025-01/analysis-of-ev-battery-end-of-life.pdf

FAQ

What did PyroGenesis (PYRGF) announce on December 11, 2025?

PyroGenesis announced a testing contract with a leading battery recycler to trial plasma-based recovery of lithium-ion battery materials.

What is the PyroGenesis testing timeline for the PYRGF battery recycling project?

The testing program is scheduled to run from Q4 2025 to Q1 2026.

Which battery materials will PyroGenesis (PYRGF) test recovery for?

The program targets recovery of nickel, cobalt, copper and lithium oxides from end-of-life batteries.

How will PyroGenesis plasma affect heating in battery recycling processes?

PyroGenesis will test plasma to replace fossil-fuel heating with high-temperature electric processing for material recovery.

Did PyroGenesis disclose the client name or contract value for PYRGF?

No; the client identity and total project value were withheld for competitive and confidentiality reasons.

Does the PYRGF announcement represent a commercial deployment or a test program?

The announcement describes a testing program to examine plasma use; it does not state a signed commercial deployment.