Core Viewpoint - PyroGenesis Inc. has successfully closed a non-brokered private placement, raising a total of $5,226,083 through the sale of 14,185,969 units, which includes two unit groups [1][4]. Group 1: Private Placement Details - The private placement consisted of two unit groups, with the first group selling 5,555,556 units at a price of $0.63 per unit, generating gross proceeds of $3,500,000 [2]. - The second tranche of the second unit group issued 4,520,414 units at a price of $0.20 per unit, resulting in gross proceeds of $904,083, in addition to the first tranche of 4,110,000 units that raised $822,000 [3]. - In total, the two unit groups accounted for 14,185,969 units sold for gross proceeds of $5,226,083 [4]. Group 2: Use of Proceeds and Regulatory Approval - The proceeds from the private placement will be utilized for working capital and general corporate purposes [5]. - The private placement has received conditional approval from the TSX, pending final approval and customary closing conditions [5]. Group 3: Unit Group Structure - Each unit in the first group consists of one common share and one warrant, priced at $0.63, with the warrant allowing the purchase of a common share at $0.28 for 48 months [8]. - Each unit in the second group consists of one common share and one warrant, priced at $0.20, with the warrant allowing the purchase of a common share at $0.40 for 24 months [8].

Core Viewpoint - HPQ Silicon Inc. has successfully closed a non-brokered private placement of 1,883,815 common shares at a price of $0.1625 per share, raising gross proceeds of $306,120, which will be used for general working capital and to advance battery-related initiatives and ongoing R&D projects [1][2][3]. Group 1: Financing Details - The private placement consists of 1,883,815 common shares priced at $0.1625 each, resulting in gross proceeds of $306,120 [1]. - Each share issued is subject to a mandatory hold period of four months and one day, in compliance with Canadian securities laws [2]. - The financing is pending standard regulatory approvals, including from the TSX Venture Exchange [2]. Group 2: Company Strategy and Initiatives - The net proceeds from the financing will support general working capital, corporate purposes, and the advancement of battery-related initiatives [2]. - HPQ is focused on innovation in advanced materials and critical process development, particularly in next-generation silicon-based anode materials for batteries and clean hydrogen technologies [4][5]. - The company aims to become a low-cost, zero-CO₂ producer of fumed silica and high-purity silicon, supported by proprietary technologies and partnerships [5]. Group 3: Leadership Perspective - Bernard Tourillon, President and CEO of HPQ, emphasized that closing a shares-only financing without finder’s fees reflects the strength of HPQ's value proposition and provides additional flexibility for pursuing larger opportunities [3].

Core Insights - HPQ Silicon Inc. has achieved a significant milestone by producing commercial-grade fumed silica with superior surface area and purity at pilot scale, confirming the scalability and performance of its proprietary Fumed Silica Reactor (FSR) technology [1][2][3] Production and Quality Achievements - Independent laboratory analysis confirmed that the latest pilot-scale run produced fumed silica with a specific surface area ranging from 168.44 to 191.17 m²/g, representing a 20% to 40% improvement from the previous test [9] - The purity of the produced material reached 99.74% to 99.83%, surpassing the 99% commercial baseline [9] - The results validate HPQ's ability to replicate and exceed lab-scale data, achieving up to 191 m²/g and 99.8% purity, positioning the material within the upper end of commercial specifications [3][4] Technological Advancements - The FSR technology allows for the production of hydrophilic fumed silica directly from quartz without the use of chlorosilanes or hazardous by-products, distinguishing it from conventional manufacturing processes [2][12] - The process consumes up to 87% less energy than traditional methods and reduces CO₂-equivalent emissions by 84%, offering significant environmental and financial advantages [19] Future Plans and Market Positioning - Following the successful completion of Test 7, HPQ and its partner PyroGenesis plan to optimize production to maintain consistent output near 200 m²/g and aim for a full design capacity of 50 tonnes per year [13] - HPQ intends to distribute sample batches to potential partners in various sectors, including coatings and advanced materials, which rely on high-surface-area fumed silica [14] - The global fumed-silica market is projected to exceed US$2.57 billion by 2034, and HPQ's technology positions it as a potential new entrant capable of capturing market share from established chemical giants [15]

Core Insights - PyroGenesis Inc. reported its Q3 2025 financial results, highlighting a revenue of $3.25 million, a decrease of 18.7% compared to Q3 2024, and a net loss of $2.25 million, indicating ongoing challenges in project execution and market conditions [4][35][39] Financial Performance - Revenue for Q3 2025 was $3.25 million, down from $4.0 million in Q3 2024, with a nine-month revenue of $9.2 million compared to $11.4 million in the same period last year [4][9] - Gross margin decreased to 24% in Q3 2025 from 42% in Q3 2024, attributed to higher direct material and subcontracting costs [15][18] - The company reported a revenue backlog of $51.6 million as of November 11, 2025, with 81% in U.S. dollars, expected to be recognized over the next three years [11][39] Operational Highlights - A $1.2 million contract was secured with a European cement industry customer for a plasma torch system, showcasing the company's expansion into new sectors [2][4] - Significant advancements were made in the fumed silica reactor project, tripling material surface area performance from Q2 to Q3, moving closer to commercial readiness [2][4] - The company is focused on innovation and adapting its market strategy to changing dynamics, emphasizing the importance of its three business verticals [2][39] Cost Management - Cost of sales increased to $2.5 million in Q3 2025, driven by higher subcontracting and direct material costs, although employee compensation decreased due to lower headcount [13][14] - Selling, General and Administrative (SG&A) expenses decreased to $2.6 million in Q3 2025 from $5.0 million in Q3 2024, primarily due to a reduction in expected credit loss and bad debt [22][23] Strategic Outlook - The company is not providing specific revenue or net income guidance for 2025 but remains optimistic about the demand for its technologies in heavy industries and defense sectors [39][42] - PyroGenesis aims to enhance its sales and marketing efforts in line with the growth curve for industrial change related to energy transition and greenhouse gas reduction [57][60] - The company continues to monitor macroeconomic conditions and their potential impact on operations, emphasizing the need for its solutions amid increasing demand and regulatory pressures [58][59]

Core Insights - PyroGenesis Inc. reported its Q3 2025 financial results, highlighting a decrease in revenue and gross margin, while emphasizing ongoing innovation and strategic partnerships in various sectors [1][2][5]. Financial Highlights - Revenue for Q3 2025 was $3.25 million, down 18.7% compared to Q3 2024, with a gross margin of 24%, down from 42% in the same period last year [5][10]. - The company recorded a net loss of $2.25 million and a modified EBITDA loss of $1.89 million [5][10]. - As of November 11, 2025, the revenue backlog stood at $51.6 million, with 81% in U.S. dollars [5][12]. Production and Sales Highlights - A $1.2 million contract was secured with a European cement industry customer for a plasma torch system [5][10]. - The fumed silica reactor project with HPQ Silicon Inc. achieved a threefold increase in material surface area performance from Q2 to Q3 2025, indicating progress towards commercial readiness [2][4]. - The company also announced a contract with Constellium for plasma torch technology in aluminum remelting, marking the launch of Phase 2 of their collaboration [5][10]. Cost of Sales and Gross Profit - Cost of sales totaled $2.5 million in Q3 2025, an increase from $2.3 million in Q3 2024, primarily due to higher subcontracting costs [14][15]. - Gross profit for Q3 2025 was $0.8 million, representing 24% of revenue, a decline from $1.7 million or 42% of revenue in Q3 2024 [16][20]. Selling, General and Administrative Expenses - SG&A expenses decreased to $2.6 million in Q3 2025 from $5.0 million in Q3 2024, largely due to a reduction in expected credit loss and bad debt [23][24]. - Employee compensation and professional fees also saw declines, reflecting cost control measures [23][24]. Research and Development Costs - R&D costs for Q3 2025 were $0.2 million, consistent with Q3 2024, while nine-month R&D costs increased to $0.9 million, up by $0.2 million compared to the prior year [27][28]. Strategic Investments and Market Outlook - The company experienced a loss of $2.1 million in the fair market value of strategic investments during the nine-month period ended September 30, 2025, compared to a loss of $0.2 million in the same period in 2024 [35]. - The company is focused on expanding its market strategy to adapt to changing dynamics and enhance its innovation-first approach [2][42]. Business Line Developments - The company is engaged in various projects, including plasma torch tests in aluminum remelting and calcination processes, indicating a strong pipeline of potential contracts [69][72]. - Ongoing discussions with major industry players for the use of plasma technology in various applications highlight the growing interest in the company's solutions [71][74].

Core Viewpoint - PyroGenesis Inc. will host a conference call on November 12, 2025, to discuss its financial results for Q3 2025 and provide updates on company progress and developments [1] Group 1: Company Overview - PyroGenesis is a leader in ultra-high temperature processes and plasma-based technology, serving heavy industry and defense sectors [1][3] - The company has over 30 years of experience in plasma technology, providing advanced engineering solutions for various challenges in energy, propulsion, emissions, and materials development [3] - PyroGenesis operates from its headquarters in Montreal and has local manufacturing facilities, with a workforce of engineers, scientists, and technicians focused on innovation and commercialization [3] Group 2: Financial Communication - The conference call will take place at 11:00 AM Eastern Time, and participants must pre-register to access the call [2] - A live webcast will be available for both English and French users, with recordings accessible on the company's Investor Relations website following the call [2]

Core Points - PyroGenesis Inc. has completed the first tranche of the Second Unit Group of a non-brokered private placement, issuing 4,110,000 units at a price of $0.20 per unit, resulting in gross proceeds of approximately $822,000 [1][3] - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at $0.40 for 24 months [1] - The first tranche of the First Unit Group was previously closed, selling 5,555,556 units at $0.63 per unit, generating approximately $3,500,000 [2] - Proceeds from the private placement will be used for working capital and general corporate purposes [3] Group 1 - The second unit group was slightly oversubscribed, and both unit groups remain open with expected closure next week [3] - The private placement has been conditionally approved by the TSX, pending final approval and customary closing conditions [3] Group 2 - PyroGenesis leverages 30 years of plasma technology leadership to provide advanced engineering solutions across various industries, including energy, aerospace, and defense [5] - The company is ISO 9001:2015 and AS9100D certified, maintaining ISO certification since 1997 [5] - PyroGenesis' shares are traded on multiple stock exchanges, including TSX, OTCQX, and Frankfurt [5]

Core Viewpoint - HPQ Silicon Inc. has successfully completed Test Series 7 of its proprietary Fumed Silica Reactor pilot plant, marking significant progress towards commercializing a direct-quartz-to-fumed-silica manufacturing process that reduces energy consumption and carbon footprint [1][2][3]. Group 1: Test Series and Process Development - The pilot plant, developed by HPQ's subsidiary HPQ Silica Polvere Inc., utilizes a plasma-based reactor to convert quartz directly into fumed silica, a high-value product used in various applications [2][3]. - Test Series 7 aims to achieve a surface area exceeding 150 m²/g, building on previous tests that improved surface area from 28 m²/g in Test 4 to 136 m²/g in Test 6 [4]. - The enhancements made before Test Series 7 include preparing the Fumed Silica Reactor for multi-day continuous operation, targeting the production of 200 kilograms of material for potential customers [4][5]. Group 2: Future Goals and Market Positioning - The company anticipates that results from the third-party laboratory certification will inform the goals for Test Cycle 8, aiming for the highest fumed silica surface area grades of 300 m²/g [7]. - HPQ's broader objective is to create low-energy, high-value materials that can compete globally while supporting North American supply-chain resilience [7][10]. - The company is also focused on becoming a low-cost, zero-CO₂ producer of fumed silica and high-purity silicon, positioning itself to capture growth opportunities in energy storage and advanced materials markets [10].

Core Viewpoint - PyroGenesis Inc. is amending up to 1,581,250 common share purchase warrants, reducing the exercise price from $1.20 to $0.63 and extending the expiration date to July 17, 2026 [1][2]. Group 1: Warrant Amendments - The exercise price of the Warrants will be reduced to $0.63 per share, effective from November 3, 2025 [2]. - The expiration date of the Warrants will be extended to July 17, 2026 [2]. - If the closing price of the Common Shares exceeds $0.80 for three consecutive trading days, the company can accelerate the expiry date of the Warrants [2]. Group 2: Approval and Use of Proceeds - The amendments to the Warrants have received approval from the Toronto Stock Exchange (TSX) [3]. - The net proceeds from the exercise of the Warrants will be utilized for general corporate purposes [3]. Group 3: Company Overview - PyroGenesis leverages 30 years of plasma technology expertise to provide advanced engineering solutions across various industries, including energy, defense, and heavy industry [4]. - The company serves global leaders in sectors such as aluminum, aerospace, steel, and military [4]. - PyroGenesis operates from its headquarters in Montreal and maintains ISO 9001:2015 and AS9100D certifications [4].

Core Points - PyroGenesis Inc. has completed the first tranche of a non-brokered private placement, issuing 5,555,556 units at a price of $0.63 per unit, resulting in gross proceeds of approximately $3,500,000 [1][2] - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at $0.28 for 48 months [1] - The proceeds from the private placement will be used for working capital and general corporate purposes [2] Group 1 - The first tranche was fully subscribed by P. Peter Pascali, the President and CEO, representing his investment of approximately $3,500,000 [2] - The second tranche is expected to close next week, involving the issuance of 4,000,000 units at a price of $0.20 per unit, for approximate gross proceeds of $800,000 [2] - Each warrant in the second tranche allows the purchase of one common share at $0.40 for a period of 24 months [2] Group 2 - The private placement has been conditionally approved by the TSX, pending final approval and customary closing conditions [3] - PyroGenesis leverages 30 years of plasma technology leadership to provide advanced engineering solutions across various industries, including energy, aerospace, and defense [5] - The company’s operations are ISO 9001:2015 and AS9100D certified, maintaining ISO certification since 1997 [5]