PyroGenesis Canada Inc. announced that, further to the company?s previous disclosure in the third quarter 2023 financial outlook dated November 9, 2023 regarding ongoing negotiations for a contract valued at over $10 million, PyroGenesis has now received a non-refundable down payment totaling $667,252 (USD 500,000) from a US-based technology company (the Client). The Client?s name shall remain anonymous for competitive and confidential reasons. This non-refundable down payment is made pursuant to a recently signed Master Agreement between PyroGenesis and the Client and provides for a period of exclusivity until February 15, 2024, during which the Client expects to secure financing and complete a first statement of work (SOW) with PyroGenesis.

The Master Agreement provides that, during this exclusivity period, PyroGenesis and the Client will work collaboratively with the goal of finalizing and executing this initial SOW, which would outline the terms that PyroGenesis would design, build, and deliver five (5) high power 2MW air plasma torch systems for an aggregate price of approximately USD 13 million. The Master Agreement contemplates additional SOWs being entered into for the purchase of torches, related equipment, and services.