08:53 AM EST, 01/20/2025 (MT Newswires) -- PyroGenesis ( PYRGF ) on Monday said it has received a $1.85 million payment, part of an outstanding receivable under PyroGenesis' ( PYRGF ) $25+ million Drosrite contract with Radian Oil and Gas Services, a private Saudi Arabian company.

"The payment announced today is made in accordance with a payment schedule that has been revised over time to better align options to the pressures with the end-client's operating cash flows created by, amongst other things, increased business opportunities," said Peter Pascali, president and CEO of PyroGenesis ( PYRGF ).

Radian ordered seven Drosrite aluminum dross recovery systems from Pyrogenesis ( PYRGF ). The first three systems are in full commercial operation for the Ma'aden aluminum plant in Ras Al-Khair, Saudi Arabia, a joint venture corporation with Alcoa. The remaining four systems under the contract have already been manufactured and are being delivered to the end client's operations in Saudi Arabia.