11:36 AM EST, 11/26/2024 (MT Newswires) -- PyroGenesis ( PYRGF ) said Tuesday it received a $2.8 million payment as part of an existing $25-million contract for Drosrite aluminum dross recovery systems with Radian Oil and Gas Services, which operates in Saudi Arabia.

"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 chief executive Peter Pascali. "Our patience has established a level of trust between our client, their new partner, and ourselves which speaks volumes as we expand our offerings in the region, a region that is well funded and has an eye to the future while much of the world is in hibernation mode."

PyroGenesis ( PYRGF ) said its involvement in developing Drosrite aluminum dross recovery systems is part of its three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry.

The company's shares were last seen down $0.02 to $0.66 on the Toronto Stock Exchange.

Price: 0.66, Change: -0.02, Percent Change: -2.94