Voyageur Pharmaceuticals Announces Collaboration with Bayer

(TheNewswire)

Calgary, Alberta, Canada – TheNewswire – February23, 2026 - Voyageur Pharmaceuticals Ltd. (TSXV:VM)(OTC Pink:VYYRF) ("Voyageur" or the "Company") aCanadian developer of pharmaceutical-grade barium and iodine formedical imaging contrast media drugs, is pleased to announce that ithas signed, effective February 22, 2026, a collaboration and fundingagreement (the “Agreement”) with Bayer (“Bayer”), withmilestone-based funding support of up to USD$2.35 million. Inconjunction with Voyageur’s recent acquisition of iodineintellectual property from Dr. Brian Mueller as announced on January12, 2026, Voyageur believes it is well positioned to be a keyparticipant in the global supply chain of iodine and contrast media.

The Agreement will serve as a framework to collaborateon research and development with the aim of evaluating potentialfuture production ofiodine, to be used in contrast mediadrugs.

The Agreement will remain in effect until the earlierof: (i) a determination that a feasibility study for the developmentof an iodine extraction plant in Oklahoma (the "Feasibility Study") will not be commenced; (ii) execution of a definitiveofftake agreement (the "Offtake Agreement") between the parties; or (iii)expiry of the exclusivity period. The milestone-based funding underthe Agreement is structured as follows: (i) an initial payment ofUSD$350,000 payable following execution of the Agreement; (ii)USD$1,000,000 payable upon commencement of the Feasibility Study; and(iii) a further USD$1,000,000 payable upon completion of theFeasibility Study, for aggregate potential funding of USD$2,350,000.In exchange for this funding, Voyageur has granted Bayer exclusivityto negotiate the Offtake Agreement for iodine production resultingfrom the project. All intellectual property developed in connectionwith the project will remain exclusively owned by Voyageur.

Subject to successful completion of the FeasibilityStudy, Bayer and Voyageur may consider advancing the project into asecond phase, under an offtake-linked production financingarrangement. In this potential second phase, Bayer would providecapital financing for the project, while Voyageur would operate andmanage the project. This collaboration, whichbegan with the signing ofan LOI with Bayer on December 20, 2024, represents an important early step in Voyageur's missionto become the first domestic producer of iodine contrast in the UnitedStates of America, while helping to secure critical supply chains forNorth America's healthcare industry.

Voyageur is working towards completing the feasibilitystudies for the Bayer project and Voyageur's radiology drugproduction project. Voyageur radiology drug project entails theproduction of barium contrast drugs utilising the mineral resource atits Frances Creek project in British Columbia Canada and theproduction of iodinated contrast media drugs from iodine productionfrom the Anadarko basin in the USA.

With respect to the Bayer project, Voyageur hascompleted initial lab bench testing and will now advance to building asmall transportable field unit to generate the data for the Bayerproject feasibility study, which is expected to be completed laterthis year using funding from Bayer.

Voyageur, in tandem, will be working on completing itsradiology drug production project feasibility study to produce bariumand iodine contrast drugs, which is funded by Voyageur.

Brent Willis, CEO & President of Voyageur states“Voyageur is pleased to initiate this project to become the firstdomestic producer of iodine contrast media drugs. Securing the supplychain for radiology drugs is critical for the security of the NorthAmerican health care industry, and this collaboration can be animportant step in this direction. Upon successfully publishing afeasibility study for the Bayer project, Voyageur will enternegotiation to secure non-dilutive financing to build out the Bayerproject. With this collaboration in place and successful completion ofthe two feasibility studies, Voyageur believes it could have a pathwayto secure the capX financing to build a radiology drug manufacturingfacility, which would allow Voyageur to become the first domesticproducer of barium and iodine contrast media. As Voyageur advances itsprojects, Bayer will have the opportunity to review our drugmanufacturing feasibility study, to evaluate for potential additionalinvestment in all of Voyageur's projects movingforward”.

The global contrast media marketsize was estimated at USD 6.77 billion in 2024 and is projected to reach USD13.86 billion by 2033, growing at a CAGR of 8.3% from 2025 to 2033.The NorthAmerican market for iodinecontrast media is estimated at 39.07% of the global market,$2.65billion per year of theglobal market share due to high imaging volumes.(https://www.grandviewresearch.com/industry-analysis/contrast-media-contrast-agents-market)

About Voyageur PharmaceuticalsLtd.

Voyageur, a Canadian public company trading under thesymbol VM on the on the TSX Venture Exchange, is in development ofbarium and iodine Active Pharmaceutical Ingredients (API) that offerhigh-performance and cost-effective imaging contrast agents. With astrategic focus on vertically integrating the barium and iodinecontrast markets, Voyageur aims to become a key player by producingits own barium and iodine. In addition, Voyageur is pursuing thedevelopment of new endo fullerene drugs.

Voyageur's business plan is set to generate salesby partnering with established third-party GMP pharmaceuticalmanufacturers in Canada thereby ensuring the validation of itsproducts by regulatory agencies worldwide. As Voyageur solidifies itspresence in the market, it plans to transition into a high-margindomestic manufacturer of radiology drugs.

At the core of its operations, Voyageur has 100%interest in the Frances Creek barium sulphate (barite) project.Currently, the world’s pharmaceutical barium sulphate is almostentirely synthetically produced resulting in a less effective imagingquality product. Voyageur’s Frances Creek resource boasts a rare andexceptional grade mineral suitable for the pharmaceutical marketplacethat Voyageur believes will replace the current synthetic productswith higher quality imaging products.

Voyageur's ambitious vision is to become the firstvertically integrated company in the radiology contrast media drugmarket. By controlling all primary input costs, from the sourcing ofraw materials to final production, Voyageur believes it can ensurequality and cost efficiency. With its approach, it embodies the mottoof "From the Earth to theBottle," highlighting Voyageur'scommitment to responsible sourcing and manufacturing practices.

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Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.

Cautionary Statement Regarding “Forward-Looking”Information

This news release may containcertain forward-looking information and statements, including withoutlimitation, statements pertaining to: the successful completion of theFeasibility Study and Voyageur's radiology drug productionproject; the expectation that the feasibility study will be completedlater this year; the aim of evaluating potential future production ofiodine to be used in contrast media drugs; the construction of aradiology drug manufacturing facility; the Company's ability to negotiateand execute a definitive Offtake Agreement with Bayer pursuant to theexclusivity granted thereunder; Bayer and Voyageur'sconsideration of advancing the project into a second phase, under anofftake-linked production financing arrangement; the Company'sintention to enter negotiations to secure non-dilutive financing tobuild out the Bayer project; the Company meeting the milestonesnecessary to receive the full amount of the USD$2.35 million fundingunder the Agreement; the Company's belief that it is wellpositioned to be a key participant in the global supply chain ofiodine and contrast media; Voyageur's mission to become the firstdomestic producer of iodine contrast in the United States of America;the Company's belief that it could have a pathway to securecapital financing to build a radiology drug manufacturing facility;the potential for Bayer to review the Company's drugmanufacturing feasibility study and evaluate potential additionalinvestment in the Company's projects; the Company'sexpectation regarding the benefits of its vertically integrated model;the Company's aim to become a key player in the barium and iodinecontrast markets; the Company's plans to transition into ahigh-margin domestic manufacturer of radiology drugs; the Company's belief that the FrancesCreek Project's mineral will replace the current syntheticproducts in the pharmaceutical marketplace with higher quality imagingproducts; and the Company's belief that it can ensure quality andcost efficiency by controlling all primary input costs. All statements included herein, other thanstatements of historical fact, are forward-looking information andsuch information involves various risks and uncertainties. There canbe no assurance that such information will prove to be accurate, andactual results and future events may differ materially from thoseanticipated in such statements. Forward-looking information can beidentified by the use of words such as "plan","potential", "project", "assume","contemplate", "believe", "shall","scheduled", and similar terms. Forward-looking statementsare not guarantees of future performance, actions, or developments andare based on expectations, assumptions, and other factors thatmanagement currently believes are relevant, reasonable, andappropriate in the circumstances. Although management believes thatthe forward-looking statements herein are reasonable, actual resultscould be substantially different due to the risks and uncertaintiesassociated with and inherent to Voyageur's business. Additionalmaterial risks and uncertainties applicable to the forward-lookingstatements herein include, without limitation, the failure to satisfymilestone conditions, the parties' inability to agree on termsfor an Offtake Agreement, and the risk that the Feasibility Study willnot support advancement of the project, as well as the impact ofgeneral economic conditions, and unforeseen events and developments.This list is not exhaustive of the factors that may affect theCompany's forward-looking statements. Many of these factors arebeyond the control of Voyageur. All forward-looking statementsincluded in this press release are expressly qualified in theirentirety by these cautionary statements. The forward-lookingstatements contained in this press release are made as at the datehereof, and Voyageur undertakes no obligation to update publicly or torevise any of the included forward-looking statements, whether as aresult of new information, future events, or otherwise, except as maybe required by applicable securities laws. Risks and uncertaintiesabout the Company's business are more fully discussed under theheading "Risk Factors" in its most recent filings. They areotherwise disclosed in its filings with securities regulatoryauthorities available on SEDAR+ at www.sedarplus.ca.

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