Hi Peter,

Hope everything is well. I just have a few questions for you:

1.   PyroGenesis currently leases its corporate HQ at Suite 200 1744 Williams Street from the “Pascali Trust”. Though I’m aware of last year’s $1.41mm rental “prepayment agreement” (which is an unusual situation itself) due by 12/31/20, I have further questions. While the $60k base rent is on par with the rental listings for other suites in your building ($18/sqft according to https://commercia.ca/en/i/200350/office-for-rent-1744-rue-william-montreal-qc-h3j-1r4-canada), PyroGenesis has been paying around $200k in taxes for the past 4(+) years. This is a far cry from the advertised tax rate of $3.85/sqft. According to the listing, PYR should be paying around $4,000 in taxes annually for its lease. For years, why is/has PyroGenesis been paying the “Pascali Trust” (which you control) an extra ~$195k in property taxes for its lease of Suite 200 at 1744 Williams Street HQ?

2.   Much of the millions of dollars private placement financing for the company since 2014 (and virtually every year since) was done between the company and Phoenix, which is controlled by your father and is a British Virgin Island based entity according to 2010’s massive “Offshore Leaks”, and confirmed by PYR’s own filings (https://sec.report/otc/financial-report/141829). I’m not insinuating any nefarious actions are taking places as there are sometimes perfectly legitimate reasons to repeatedly do business dealings with your father’s BVI-based entity. In PYR’s case, these private placements without fail involve the presence of a “finder’s fee” paid in cash of at least $90,000 (and at least as high as $174,000) as well 70,000+ “compensation warrants” each time. Who exactly are you needing to pay to “find” your father for private placement funding?

3.   Does PyroGenesis have a contract directly with the US Navy? Or does PYR have a contract directly with Newport News Shipbuilding, the latter of which is directly contracted by the US Navy?

Appreciate you taking the time,

HPQAnon (Muck)