Voyageur Pharmaceuticals completes commercial delivery

Mr. Brent Willis reports VOYAGEUR PHARMACEUTICALS INITIATES FIRST COMMERCIAL SHIPMENTS OF BARIUM CONTRAST PRODUCTS TO CANADIAN CLINICS Voyageur Pharmaceuticals Ltd. has made the first commercial delivery of the full suite of its Health Canada-approved barium contrast products. Further to the company's news release dated June 4, 2025, the delivery was to a leading Canadian radiology provider that signed a purchase order in June, 2025. Voyageur's product line is currently being evaluated by other private clinics, group purchase organizations and provincial health care procurement groups. The order follows successful product evaluations and regulatory milestones, with Voyageur hitting its milestone to deliver product by the end of August. "This sale has many important aspects for the development of the Frances Creek project and anticipated global expansion," said Brent Willis, president and chief executive officer. "The data accumulated from the use of our products will be a critical component of our FDA filings to enter the U.S. market and is expected to provide the economics to complete our final feasibility study to advance the Frances Creek project towards production." Approved product line now commercialized Voyageur's approved barium contrast agents are optimized for a range of gastrointestinal imaging applications: SmoothX (2 per cent w/v (weight-volume)): for CT (computerized tomography) imaging of the GI (gastrointestinal) tract, noted for its improved taste and tolerability; SmoothHD 105 per cent: high-density suspension for upper GI and double-contrast studies, delivering sharp mucosal detail; SmoothLD (60 per cent w/v): low-density suspension for single-contrast GI studies; VisionHD (98 per cent w/w (weight-weight)): powdered high-density suspension for upper GI double-contrast imaging; VisionLD (96 per cent w/w): powdered low-density suspension for single-contrast studies. Poised for scalable growth with strategic resource advantage With commercial sales now under way, Voyageur is focused on expanding distribution across Canada. This infrastructure is designed to scale alongside the company's Frances Creek project in British Columbia, a 100-per-cent-owned, pharmaceutical-grade barium sulphate resource. Management believes the key advantages of Frances Creek include: Low-cost production: estimated at approximately $620 to $650 per tonne, significantly undercutting foreign BaSO API (active pharmaceutical ingredient) imports that currently cost $10,000 per tonne; Long-term supply: 121,000-tonne indicated and inferred resource valued at a net present value (NPV) of $344-million; Strategic positioning: enables North American supply chain independence and cost leadership; Sustainability focus: plans for carbon-neutral operations utilizing advanced capture technology. Barium contrast media play an essential role in gastrointestinal imaging, offering a reliable, radiopaque medium with favourable safety and cost profile compared with oral iodinated agents. Voyageur's innovative formulations are designed to meet the needs of both adult and pediatric patients in a range of imaging contexts. The company believes this vertical integration strategy will enhance margins, ensure quality control and create a lasting competitive edge in the barium contrast media market. All inquiries for purchasing Voyageur's product line, please contact Ethan Mohan at [email protected]. This news release has been reviewed and approved by Brad Willis, PEng, a qualified person under National Instrument 43-101, and the chief operating officer and a director of the company. About Voyageur Pharmaceuticals Ltd. Voyageur, a Canadian public company trading under the symbol VM on the TSX Venture Exchange, is in development of barium and iodine APIs that offer high performance and cost-effective imaging contrast agents. With a strategic focus on vertically integrating the barium and iodine contrast markets, Voyageur aims to become a key player by producing its own barium and iodine. In addition, Voyageur is pursuing the development of new endo fullerene drugs. Voyageur's business plan is set to generate cash flow by partnering with established third party GMP (good manufacturing practice) pharmaceutical manufacturers in Canada, thereby ensuring the validation of its products by regulatory agencies worldwide. As Voyageur solidifies its presence in the market, it plans to transition into a high-margin domestic manufacturer of radiology drugs. At the core of its operations, Voyageur owns a 100-per-cent interest in the Frances Creek project. Currently, the world's pharmaceutical barium sulphate is almost entirely synthetically produced, resulting in a less effective imaging quality product. Voyageur's Frances Creek resource boasts a rare and exceptional-grade mineral suitable for the pharmaceutical marketplace that Voyageur believes will replace the current synthetic products with higher-quality imaging products. Voyageur's ambitious vision is to become the first vertically integrated company in the radiology contrast media drug market. By controlling all primary input costs, from the sourcing of raw materials to final production, Voyageur believes it can ensure quality and cost-efficiency. With its approach, it embodies the motto of "from the Earth to the bottle," highlighting Voyageur's commitment to responsible sourcing and manufacturing practices. We seek Safe Harbor.