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GlobeNewswire·

PyroGenesis Receives $2.3 Million Payment Under Existing $25+ Million Drosrite™ Contract with Saudi Client

PYRGF
  • PyroGenesis Inc. received $2.3 million (US$1,628,772) from Radian Oil & Gas Services Company under its existing Drosrite™ contract.
  • The payment marks the full settlement of the contract, which had been extended to accommodate Radian's cash flow pressures & new facility construction.
  • All seven Drosrite™ systems are now operational at Radian's new purpose-built plant in Saudi Arabia, including the final four units deployed on October 15, 2026.
  • The installed capacity includes three 5000 TPY systems & two 10000 TPY systems, representing the first global deployment of the 10000 TPY configuration.
  • Combined, the seven systems can process up to 45,000 tonnes of aluminum dross annually.
  • PyroGenesis CFO Andre Mainella expects the full payment to positively impact financial results through the reversal of previously recognized impairment provisions.
  • The company anticipates announcing a new partnership with a separate regional entity in the coming weeks.
  • Drosrite™ technology recovers up to 98% of aluminum from dross without using salt, reducing hazardous waste & operating costs.
  • Global aluminum usage reached 100.8 million tonnes in 2024, driving a corresponding increase in dross generation expected to grow at 3–4% annually.