Mr. Brent Willis reports

VOYAGEUR ANNOUNCES NON-BROKERED LIFE OFFERING

Voyageur Pharmaceuticals Ltd. has arranged a non-brokered private placement for aggregate gross proceeds of a minimum of $4-million and a maximum of $7.5-million from the combined sale of the following:

• Up to 57,692,307 (this number assumes no flow-through shares are issued under the offering) units of the company at a price of 13 cents per unit;
• Up to 14,705,882 (this number assumes that the maximum number of FT shares are issued under the offering) common shares of the company issued on a flow-through basis under the Income Tax Act (Canada) at a price of 17 cents per FT share.

The offering is subject to a maximum of $1-million of the aggregate gross proceeds being raised through the issuance of FT shares at the minimum offering proceeds level and a maximum of $2.5-million of the aggregate gross proceeds being raised through the issuance of FT shares at the maximum offering proceeds level.

Each unit shall consist of one common share of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of 20 cents for a period of 36 months following the closing date of the offering. The warrants will not be exercisable until 70 days after the closing date. The warrants shall contain an acceleration clause whereby if, at any time following the date that is six months following the closing date, the closing price of the common shares on the TSX Venture Exchange (or such other stock exchange on which the company's common shares are listed or quoted) is equal to or exceeds 40 cents for a period of 10 consecutive trading days, the company may accelerate the expiry of the warrants such that the warrants will expire 60 days from the date that the company provides notice of acceleration.

Voyageur may pay a cash commission or finder's fee to qualified non-related parties of up to 8 per cent of the aggregate gross proceeds of the offering payable in cash, together with warrants representing up to 8 per cent of the units issued in connection with the offering. Each broker warrant will entitle the holder to purchase one additional common share at a price of 13 cents for a period of 36 months following closing of the offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the offering will be offered for sale to purchasers resident in all of the provinces of Canada with the exception of Quebec pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The securities issuable under the offering are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada.

The net proceeds of the offering will be used by the company for barium contrast inventory procurement, Frances Creek project exploration and feasibility work, United States iodine project development, sales and marketing of barium contrast products, Food and Drug Administration licensing for the company's barium contrast product suite, regulatory approvals for Frances Creek bulk sample extraction, and general corporate purposes.

The offering is expected to close on or about April 23, 2026, or such other date as the company may determine, and in any event, on or before a date not later than 45 days after the date of the news release announcing the offering. After an initial closing for not less than the minimum offering proceeds, the offering may close in multiple tranches. The offering is subject to certain conditions, including but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

There is an offering document related to this offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

About Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company trading under the symbol VM on the TSX-V, is in development of barium and iodine active pharmaceutical ingredients (API) and intends to offer high performance, 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, iodine and new endohedral fullerene drugs (C60). Voyageur has developed five barium contrast products that have Health Canada licences.

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, further expanding its revenue streams.

At the core of its operations, Voyageur owns a 100-per-cent interest in the Frances Creek barium sulphate (barite) project. Currently, the world's pharmaceutical barium sulphate is almost entirely synthetically produced which management believes results in a less effective imaging quality product. Voyageur's Frances Creek resource boasts a rare and high grade mineral suitable for the pharmaceutical marketplace that Voyageur believes will replace the current synthetic products with higher-quality, lower-cost 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 intends to 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.