PyroGenesis Canada Shares Jump After Titanium Metal Powder Order

By Robb M. Stewart

PyroGenesis Canada's shares rallied Tuesday after the technology company landed a contract to supply titanium metal powder for 3D printing, the first by-the-ton commercial order for powders produced using its plasma atomization system.

In morning trading, shares were 25% higher at C$1.15, and now are 12% higher so far this year.

PyroGenesis said it signed the contract for 5 metric tons of its titanium metal powders and a down payment has been received. The customer, a U.S. advanced materials company whose name is being withheld at its request, has placed a provisional order for a further 6 tons of powders.

It said the order will be completed at its production facility in Montreal, with the majority of the initial 5 tons to be shipped during the second quarter of this year and the balance before the end of the third quarter.

Last week, PyroGenesis said it received approval from Nasdaq for a 180-day extension to meet the stock exchange's minimum closing bid price of $1. The stock was up 24% at 83 cents following news of the order for titanium metal powder.

Write to Robb M. Stewart at [email protected]

Oil producers Devon Energy and Marathon Oil stand to gain as their operational costs ease, says Citigroup.

Dow Jones Newswires is a market-moving financial and business news source, used by wealth managers, institutional investors and fintech platforms around the world to identify trading and investing opportunities, strengthen advisor-client relationships and build investor experiences. Learn More.