PyroGenesis Inc. (“PyroGenesis” or the “Company”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a global leader in ultra-high temperature plasma processes and advanced engineering solutions serving the heavy industry and defense sectors, today announced its intention to amend certain terms of up to 1,581,250 common share purchase warrants (the “Warrants”).
Under the proposed amendment, the exercise price of the Warrants—originally set at $1.20 per share—will be reduced to $0.63 per share, and their expiry date will be extended from November 18, 2025 to July 17, 2026. These changes are designed to encourage early participation by warrant holders while supporting the Company’s broader financial flexibility and corporate growth strategy.
The repricing will become effective beginning November 3, 2025, for those warrant holders who choose to participate in the amendment. The Warrants will also be modified to include an acceleration clause: if, at any point before their new expiry date, the closing price of PyroGenesis common shares on the Toronto Stock Exchange (“TSX”) exceeds $0.80 (which represents 127% of the new exercise price) for three consecutive trading days, the Company will have the right to accelerate the expiry date. In such an event, PyroGenesis may provide notice—either by email to warrant holders or by issuing a press release—triggering a new 30-day expiry period from the date of the notice.
All other terms of the Warrants will remain unchanged, and the proposed amendments will only become effective once final documentation is completed with the respective holders.
Importantly, none of the warrant holders affected by these amendments are insiders of PyroGenesis, ensuring that the modification process adheres to the highest governance and transparency standards.
The Toronto Stock Exchange (TSX) has reviewed and conditionally approved the proposed amendments, pending the satisfaction of standard procedural and administrative requirements. Once the repricing and extension become effective, any net proceeds generated from the exercise of these Warrants will be allocated to general corporate purposes, supporting the Company’s ongoing projects and operational initiatives.
Strategic Rationale
This repricing and extension initiative reflect PyroGenesis’ proactive approach to capital management and its commitment to ensuring that financial instruments in circulation continue to serve both shareholder and corporate interests. The lower exercise price aligns with the Company’s current market conditions, enhancing the likelihood of warrant exercises and providing PyroGenesis with an efficient pathway to raise non-dilutive capital.
By extending the term of the Warrants, the Company provides existing holders with additional flexibility and time to participate in PyroGenesis’ growth trajectory. The inclusion of an acceleration clause ensures that if the market price appreciates meaningfully, the Company can act promptly to bring forward potential proceeds while maintaining market discipline.
Overall, this amendment strategy underscores PyroGenesis’ continued focus on strengthening its balance sheet, increasing liquidity, and supporting its long-term innovation roadmap in the energy transition and defense technology markets.
About PyroGenesis Inc.
PyroGenesis Inc. is a Montreal-based high-tech company recognized globally for its pioneering plasma technology solutions. With over 30 years of experience in advanced materials, thermal processing, and environmental engineering, the Company designs, develops, and manufactures cutting-edge systems for clients across a diverse range of sectors—including aluminum production, aerospace, steelmaking, iron ore processing, utilities, environmental services, and defense.
Leveraging its proprietary plasma technology, PyroGenesis delivers innovative systems that address some of the most complex industrial and environmental challenges—ranging from waste destruction and emissions reduction to high-temperature material processing and energy recovery. Its suite of technologies contributes directly to decarbonization efforts and energy transition goals, making PyroGenesis a key partner for industries seeking to modernize operations and meet sustainability mandates.
The Company operates out of state-of-the-art facilities in Montreal, supported by a multidisciplinary team of engineers, scientists, and technicians dedicated to research, innovation, and commercialization. PyroGenesis’ quality management systems are ISO 9001:2015 and AS9100D certified, with continuous certification since 1997—reflecting the Company’s unwavering commitment to excellence, reliability, and customer satisfaction.
PyroGenesis’ shares are publicly traded on the Toronto Stock Exchange (TSX) under the symbol PYR, on the OTCQX under PYRGF, and on the Frankfurt Stock Exchange (FRA) under 8PY1.
Commitment to Innovation and Growth
As a recognized leader in plasma-based engineering, PyroGenesis continues to advance a robust pipeline of technologies designed to enable cleaner, more efficient industrial processes. The Company’s expertise spans multiple high-impact domains, including metal powder production for additive manufacturing, hydrogen and methane reforming, waste-to-energy systems, and plasma arc environmental solutions for the safe disposal of hazardous materials.
Through sustained investment in research and development, PyroGenesis aims to expand its role in the global shift toward net-zero emissions, providing transformative technologies that support industrial clients in achieving both operational efficiency and environmental compliance.
This latest corporate action—the amendment of its warrants—reflects PyroGenesis’ balanced approach to financial management and strategic capital deployment, ensuring that it remains well-positioned to pursue growth opportunities while maintaining fiscal prudence.