Dear Fellow Shareholder, 

Congratulations on being the first to pose a question in this forum, and please excuse the delay in responding as we were quite busy with our AGM today.

The topic of share buyback was covered in our press release dated Dec 14/16:

 http://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00031955&issuerType=03&projectNo=02565968&docId=4030530

At the time our shares were trading around 20 cents and we felt they were undervalued for reasons noted therein.  We still believe this to be the case.

Subsequent to the PR dated December 14, 2016 we thought it prudent to dedicate any excess cash to accelerating, if possible, our declared intention to produce powders for metal 3D printers.  As such, to date, we have not availed ourselves of the opportunity to buy back shares under this program. Although we are not obliged to make any purchases, we have up to 1 year to do so should we wish to.  For your information, if and when we make any share purchases we are obliged to disclose such transactions publicly.

As noted above, we still consider the shares to be undervalued and we hope to avail ourselves of the opportunity to buy back shares under the program before it expires at the end of this year.

I trust this answers your question.

Sincerely,

Peter Pascali

CEO

PyroGenesis Canada Inc.