Ownership of the PUREVAP Quartz Reduction Reactor Pilot System Transferred to HPQ Silicon

MONTREAL - HPQ Silicon Resources Inc. ('HPQ' or the 'Company') (TSX-V: HPQ) (OTCQX: HPQFF) (FWB: UGE), an innovative silicon solutions and technology development company, would like to inform shareholders that with the forthcoming start of the final phase of the PUREVAP Quartz Reduction Reactor (RRQ) Research and Development program, and the imminent completion of the commissioning of the pilot system, time has arrived for the ownership of the pilot system to be transferred to HPQ-Silicon from PyroGenesis Canada Inc. (TSX: PYR) (NASDAQ: PYR).

The plan as always been to transfer the ownership of the pilot systems from PyroGenesis to HPQ Silicon prior to the reactor start, since under the terms of the July 2016 agreement, HPQ-Silicon, is the sole party entitled to claim R&D credits associated with the PUREVAP QRR pilot plant system operations.

Transferring the ownership required HPQ-Silicon to purchase insurance to cover the $6.2 million 2022 replacement cost, estimated by PyroGenesis, of HPQ PUREVAP QRR pilot system. Based on PyroGenesis updated quotation, one thing is very clear, prices have increased significantly since the July 2016 signing of the agreement. HPQ paid, as per the 2016 agreement, $4,240,000 for design, fabrication and commissioning the pilot system. Current replacement cost is $6.2 million for the fabrication and commissioning of a new pilot system.

HPQ CEO Bernard Tourillon commented: 'It may have taken time to get here, but the decision to enter early into a long term and mutually beneficial relationship with PyroGenesis to harness the potential of new silicon materials manufacturing will soon come to fruition. 2022 and beyond are going to be years for Silicon and our unique and innovative processes of manufacturing and commercializing silicon and nanosilicon materials needed for an ESG-demanding industrial landscape is one of our greatest strengths going forward.'

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional 'dirty' processes. PyroGenesis has created proprietary, patented, and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in three massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 R&D and manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997.

About HPQ Silicon Resources

HPQ Silicon Resources Inc. (TSX-V: HPQ) is a Quebec-based innovative silicon solutions company that offers silica (SiO2) and silicon (Si) based solutions, and is developing a unique portfolio of high value-added silicon (Si) products sought after by battery and electric vehicle manufacturers.

Silicon (Si), also known as silicon metal, is one of today's key strategic materials needed for the decarbonization of the economy and the Renewable Energy Revolution ('RER'). However, silicon does not exist in its pure state and must be extracted from quartz (SiO2) in what has historically been a capital and energy-intensive process.

Disclaimers

The Corporation's interest in developing the PUREVAP QRR and any projected capital or operating cost savings associated with its development should not be construed as being related to the establishing the economic viability or technical feasibility of any of the Company's Quartz Projects.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words 'may', 'plan', 'will', 'estimate', 'continue', 'anticipate', 'intend', 'expect', 'in the process' and other similar expressions which constitute 'forward-looking information' within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the security's regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

This News Release is available on the company's CEO Verified Discussion Forum, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.

Contact:

Bernard J. Tourillon

Tel: [phone]

Email: [e-mail]

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