01:56 PM EDT, 06/26/2024 (MT Newswires) -- PyroGenesis Canada ( PYRGF ) said Wednesday it secured a payment of US$3 million ($4.1 million) on an outstanding receivable under the company's existing Drosrite contract of more than $25 million.

PyroGenesis contracted with Drosrite International, which was in turn contracted by Radian Oil and Gas Services for an order of seven Drosrite aluminum-dross recovery systems.

The first three systems, which were manufactured by PyroGenesis, have been delivered and are in full commercial operation for the Ma'aden aluminum plant in Ras Al-Khair Saudi Arabia.

The remaining four Drosrite systems under the contract have been manufactured and are expected to be delivered to the end client's operations in Saudi Arabia.

PyroGenesis shares were last seen up $0.06 to $0.72 on the Toronto Stock Exchange.

Price: 0.72, Change: +0.06, Percent Change: +9.09