Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS ANNOUNCES PROPOSED ISSUANCE OF SHARES FOR DEBT

Voyageur Pharmaceuticals Ltd. proposes to settle debts in the aggregate amount of $192,300 through the issuance of common shares of the company at a deemed price of 15.5 cents per common share, being the closing price of the common shares on the TSX Venture Exchange on Sept. 24, 2026. Of the debt, $52,300 is owing to an officer of the company for accrued consulting fees and will be settled through the issuance of 337,419 common shares, and $140,000 is owing to certain other creditors and will be settled through the issuance of an aggregate of 903,225 common shares.

The company is proposing to settle the debt through the issuance of common shares to preserve its cash. The common shares issued in settlement of the debt will be subject to a hold period of four months and one day from the date of issuance. Completion of the issuances remains subject to the company obtaining all applicable regulatory approvals, including the final acceptance of the exchange.

The officer is a related party of the company, and, accordingly, the proposed issuance of common shares to the officer to settle the accrued consulting fees constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the debt to be settled with the officer, nor the fair market value of the common shares to be issued to the officer exceeds 25 per cent of the company's market capitalization.

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 active pharmaceutical ingredients, 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 and iodine. 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 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 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 earth to bottle," highlighting Voyageur's commitment to responsible sourcing and manufacturing practices.

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