Voyageur Pharmaceuticals Confirms Pharmaceutical-Grade Purity of Barite from Frances Creek and Progresses to Health Canada Human Trial with Alberta Innovates Grant; Announces Stock Option and DSU grants, and Proposed Issuance of Securities for Debt

(TheNewswire)

• Purity Exceeding PharmaceuticalGrade, 98.8% BaSO4 

• Moving on to Stage 2 of the AlbertaInnovates AICE-Market Access Program 

Calgary, Alberta, Canada – March 4, 2026 –TheNewswire –Voyageur Pharmaceuticals Ltd. (TSX-V:VM) (OTC Pink: VYYRF) (the "Company" or"Voyageur"), a Canadian developer of pharmaceutical-grade bariumand iodine for medical imaging contrast media, is pleased to announceindependent laboratory test results for its barium sulfate activepharmaceutical ingredient (API). This testing was completed as part ofthe Alberta Innovates AICE-Market Access Program as previouslyannounced on February 5 and March 4, 2025. Voyageur anticipatescompleting the first stage of this project after manufacturing batchesof new product using Frances Creek barium sulfate and then moving tostage two, unlocking additional non-dilutive funding. The API baritewas sourced from the Company’s Frances Creek barite property inBritish Columbia. Results achieved purity, full USP compliance,successful micronization, and management of Voyageur believes theupcoming patient trial may confirm a path to commercial use of naturalbarium sulfate API.

Testing by SGS Laboratories, located in Mississauga,Ontario ("SGS"), confirmed purity, with % BaSO? assay resultsranging from 98.1% to 99.4% across multiple samples, above the USPmonograph requirement of 97.5%. Several batches achieved 99.1% to99.4% purity, with an average grade of 98.8%. All samples fully passedthe complete suite of USP monograph tests, including identification,pH, loss on drying, limit of soluble barium salts (NMT 0.001%),acid-soluble substances, sulfides, and microbiological requirements.USP <232> elemental impurities testing showed heavy metal levelssignificantly lower than the USP specifications. The processed bariteachieved 1-micron and 10-micron particle sizes. Processing trials atSturtevant Inc. using pharmaceutical-grade micronizing equipmentdemonstrated that the material processes efficiently into ultra-fineparticles. Multiple test runs produced excellent particle sizedistributions, with d50 values of 1.1–1.9 µm and d90 values as lowas 2.5 µm under optimal conditions. All micronized samples met USPparticle size and performance criteria, exhibited good flowability,100% yield, and showed no discoloration or contamination. The bariumsulfate underwent a controlled acid-wash procedure developed andexecuted in a cGMP-compliant environment at SGS. Final processing andpackaging of the API were also completed under full Good ManufacturingPractices (GMP).

Brent Willis, CEO of Voyageur states, “These results are promising andrepresent a major de-risking milestone. We believe we have proven thatour natural barite resource delivers high chemical purity, idealparticle size after micronization, and full USP compliance. Theupcoming clinical trial in patients is the final bridge to using ourFrances Creek API in our Health Canada-approved contrast products.This brings us significantly closer to a fully integrated, secure, andcost-effective North American supply chain for barium contrast media.The purity of the Frances Creek barite in management's viewconfirms the value of our resource, positioning us to excel in productmarketing with low manufacturing costs. We are grateful for thefinancial support from the Government of Alberta in advancing ourbarium contrast initiative and appreciate Dr. Saranchova’s proactiveengagement with Health Canada officials to ensure that all regulatoryrequirements are fully understood and appropriately incorporated intothe product development strategy.”

With this milestone, Voyageur is set to advance tostage two of the Alberta Innovates AICE-Market Access Program,following completion of manufacturing of its barium contrast agentsfor the upcoming clinical trial, as designed by Chief ScientificOfficer Dr. Iryna Saranchova in accordance with Health Canadastandards, and internationally recognized regulatoryrequirements. The clinical trial will comparethe functional effectiveness of Voyageur’s contrasts with thecurrent commercially available standard-of-care options for similargastrointestinal Computed Tomography and fluoroscopic imagingapplications.

By evaluating the investigational agents against bothbarium-based and iodinated oral contrasts, the clinical trial isexpected to provide comprehensive assessment of the Company'sproducts’ performance in clinical settings. This approach ensuresthat results are clinically meaningful, scientifically rigorous, andaligned with Health Canada, FDA, and other international regulatoryexpectations.

Successful study outcomes are expected to validateclinical performance of Voyageur’s developing imaging contrasts,strengthen regulatory positioning, and materially accelerate progresstoward market adoption. Positive results should enhance stakeholderconfidence, support commercialization objectives, and advance theCompany’s vertically integrated product portfolio. Full studycompletion is targeted for the fourth quarter of 2026.

The clinical trial results will be pivotal formarketing and enhancing the Company's FDA licensing applications,with the FDA process beginning in the first quarter of 2026 and willalso contribute to the prefeasibility and final feasibility study forthe Frances Creek project, expected by the fourth quarter of2026.

By developing this domestic resource, the Company isbuilding a fully integrated supply chain, from quarry to finishedcontrast media, reducing reliance on imported or synthetic materialswhile improving cost efficiency and supply reliability for hospitalsand patients.

This disclosure has been reviewed and approved byBradley Willis, P.Eng, a non-Independent Qualified Person as definedby National Instrument 43-101 - Standards of Disclosure for MineralProjects.

Stock Option and Deferred Share Unitgrants

Voyageur also announces that it has issued 378,651Deferred Share Units ("DSUs") to directors and a consultant ofthe Company pursuant to its fixed 10% equity incentive compensationplan (the "EquityCompensation Plan").  Each DSU representsa right of the holder to receive one common share ("Common Share")of the Company effective as of the date that the holder ceases serviceas a director of the Company. The DSUs are used to compensatedirectors of the Company for their annual retainers and are issuedquarterly using a deemed value that is equal to the weighted averageshare price during that quarter. Each DSU has a starting value equalto approximately $0.17573per DSU, based on the weighted average share price for the quartersended September 30, 2025 and December 31, 2025. The DSUs are subjectto the terms of the Equity Compensation Plan as well as the policiesof the TSX Venture Exchange (the "Exchange") andare subject to Exchange approval.

The Company also announces that it has granted4,300,000 stock options ("Options") to directors and officers ofthe Company. 1,075,000 Options shall vest immediately on the grantdate, with the remainder being subject to time-based vesting terms.Each Option is exercisable into Common Shares upon vesting at anexercise price of $0.1125 per share for a period of 10 years. Inaddition to the DSUs and Options granted by the Company, Voyageur alsoannounces that it has granted Options to purchase 500,000 CommonShares at $0.18 per share to a contractor expiring sixty (60) monthsfrom the date of issuance, and vesting fully on January 11, 2027. TheOptions are subject to the terms of the stock option plan of theCompany as well as the policies of the Exchange and are subject toExchange approval.

The Options and any Common Shares issued pursuant tothe exercise of the DSUs and Options are subject to a four month holdin accordance with the policies of the Exchange.

Proposed Issuance of Securities forDebt

Voyageur also announces, subject to the approval of theExchange, that it intends to issue units of theCompany (the "Units") to an arm's length thirdparty (the "Provider") at a total deemed value of$100,000 in connection with debt incurred pursuant to a letteragreement (the "Agreement") entered into with theProvider for the purposes of providing the Company with financialadvisory services (the "Issuance").  

The Units will be comprised of one Common Share and oneCommon Share purchase warrant (each a "Warrant") andwill be issued at a deemed price of $0.1125, being the DiscountedMarket Price (as such term is defined in the policies of theExchange). Each Warrant will be exercisable at a price of $0.15, beingthe Market Price (as such term is defined in the policies of theExchange), for a period of five (5) years from the date of Issuance.The securities issued will be subject to a hold period of four monthsand one day from the date of Issuance.

About Voyageur PharmaceuticalsLtd.

Voyageur, a Canadian public company trading under thesymbol VM on the TSXV, is in development of barium and iodine ActivePharmaceutical Ingredients (API) and intends to offerhigh-performance, 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, iodine, and new endohedral fullerene drugs (C60).Voyageur has developed five barium contrast products that have HealthCanada licenses.

Voyageur's business plan is set to generate cashflow by 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, further expanding itsrevenue streams.

At the core of its operations, Voyageur owns a100%interest in the Frances Creek barium sulfate (barite) project.Currently, the world’s pharmaceutical barium sulfate is almostentirely synthetically produced which management believes results in aless effective imaging quality product. Voyageur’s Frances Creek resource boasts a rare and high grade mineralsuitable for the pharmaceutical marketplace that Voyageur believeswill replace the current synthetic products with higher quality lowercost 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 intends to ensure qualityand cost efficiency. With its approach, it embodies the motto of"From the Earth to theBottle," highlighting Voyageur'scommitment to responsible sourcing and manufacturing practices.

For Further Information:

Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisnews release.

Cautionary Statement Regarding “Forward-Looking”Information

Thisnews release may contain certain forward-looking statements andforward-looking information (collectively, "forward-lookingstatements"), including without limitation: the completion of thefirst stage of the Alberta Innovates program including themanufacturing of barium contrast products; unlocking additionalnon-dilutive funding; the successful completion of upcoming clinicaltrials pursuant to stage 2 of the Alberta Innovates program; theCompany's belief that the upcoming patient trial may confirm apath to commercial use of natural barium sulfate API; theCompany's expectation that successful study outcomes willvalidate clinical performance of Voyageur's developing imagingcontrasts, strengthen regulatory positioning, and materiallyaccelerate progress toward market adoption; obtaining Health Canada,FDA and other international regulatory approvals; the successfulcompletion of the prefeasibility and final feasibility study for theFrances Creek project; the use of the funds granted to the Company byAlberta Innovates; the testing, refining, market launch, sales andrevenue from Voyageur's barium contrast products; the Company’sbusiness plan; approval by the Exchange for the DSU and Option grants;the proposed Issuance and receipt of Exchange approval; theCompany's aim to become a key player in the barium and iodinecontrast markets; the Company's plan 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. Forward-looking statements normallycontain words like "will", "intend","anticipate", "could", "should","may", "might", "expect","estimate", "forecast", "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 impact of generaleconomic conditions, and unforeseen events and developments. This listis not exhaustive of the factors that may affect the Company'sforward-looking statements. Many of these factors are beyond thecontrol of Voyageur. All forward-looking statements included in thisnews release are expressly qualified in their entirety by thesecautionary statements. The forward-looking statements contained inthis news release are made as at the date hereof, and Voyageurundertakes no obligation to update publicly or to revise any of theincluded forward-looking statements, whether as a result of newinformation, future events, or otherwise, except as may be required byapplicable securities laws. Risks and uncertainties about theCompany's business are more fully discussed under the heading"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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