P. Peter Pascali Updates Early Warning Report

Core Viewpoint - P. Peter Pascali, President and CEO of PyroGenesis Inc., has filed an updated early warning report regarding his shareholdings in the company, indicating a proposed disposition of up to 850,000 common shares through an automatic securities disposition plan (ASDP) [1][2]. Shareholding Summary - As of April 10, 2025, there are 186,685,328 common shares issued and outstanding, with Mr. Pascali beneficially owning and controlling 66,088,341 common shares, representing 35.40% of the total [4]. - Mr. Pascali also controls additional shares through the Estate (5,636,000 shares, 3.02%), the Trust (2,293,440 shares, 1.23%), and the Foundation (5,500,000 shares, 2.95%), leading to a total ownership of 79,517,781 common shares, or 42.59% of the issued shares [4]. Proposed Disposition Impact - If the proposed disposition of 850,000 common shares is completed, Mr. Pascali's total ownership will decrease to 78,667,781 common shares, representing 42.13% of the issued shares [5]. Warrants and Options - Mr. Pascali holds warrants expiring in 2025 that are exercisable for a total of 3,250,000 common shares at prices ranging from $0.41 to $1.25, and options to acquire 4,820,000 common shares at a weighted average price of $3.38, with 4,670,000 currently vested [6]. - Assuming the exercise of all warrants and vested options, total ownership could increase to 88,262,781 common shares, or 45.16% of the issued shares [7]. Joint Actors - The Trust, Estate, and Foundation may be considered joint actors with Mr. Pascali, who holds various roles including trustee, executor, and director, indicating a coordinated approach to share ownership and potential transactions [10].