Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS STRENGTHENS SCIENTIFIC TEAM BY ADDING DR. BRIAN MUELLER AS DIRECTOR OF CHEMISTRY AND SECURES EXCLUSIVE OWNERSHIP OF IODINE EXTRACTION TECHNOLOGY

Voyageur Pharmaceuticals Ltd. has achieved a strategic advancement in its vertical integration strategy. The company has secured 100-per-cent ownership to an innovative iodine extraction technology developed by Dr. Brian Mueller, PhD, who has been appointed as the company's director of chemistry, effective immediately.

On Jan. 11, 2026, Voyageur acquired the intellectual property rights to Dr. Mueller's proprietary iodine-extraction technology, known as the "Mueller Process," granting the company control over the intellectual property supporting its iodine strategy. Voyageur expects this will enable it to advance its iodine extraction projects with enhanced cost efficiency, operational flexibility and long-term supply-chain security. As consideration for the acquisition, the company made a lump sum initial cash payment and will pay Dr. Mueller a running royalty on net sales of iodine products. The acquisition is an arm's-length transaction.

Brine water from the Anadarko and West Texas basins have been tested using the Mueller Process. Highlights from initial bench scale testing conducted by Dr. Mueller are as follows:

• 90-per-cent yield from incoming brine to technical grade iodine (85 per cent pure);

• Conversion to 99.5-per-cent pure iodine*;

• Environmentally friendly: closed process, no volatile organic compounds or hazardous emissions;

• Output brine is a "clean brine" useful for industrial use, hydraulic fracturing, desalination or further mineral extraction.

(*) Laboratory lodometric (redox titration) using standard thiosulfate titrant test was used. All testing was completed by Dr. Mueller, with third party evaluation of the process expected to occur in 2026. These results have not been independently verified.

Brent Willis, chief executive officer and president of Voyageur, emphasized the strategic importance of securing exclusive rights to this proprietary technology, calling it a pivotal development for the company.

"With provisional patent applications for the intellectual property acquired by Voyageur filed in 2025, we are on track to submit full utility patent applications in 2026. Our immediate focus is on iodine extraction in the Anadarko basin, where we believe this technology will allow us to produce iodine flake efficiently." Mr. Willis explained: "More importantly, it may enable us to bypass the flake process entirely, directly creating iodine drugs through our proprietary streamlined API [active pharmaceutical ingredients] process. This potential capability not only enhances our potential ability to produce high-quality, cost-effective iodine contrast agent, but is expected to allow Voyageur to achieve one of the lowest cost structures in the multibillion-dollar iodine contrast drug industry. In addition, the new technology opens the door to potential elemental mineral extraction from our ULI claim block in the Paradox basin, Utah. The elemental minerals of interest are lithium, iodine, bromine, boron, magnesium, potassium and sodium."

Voyageur's Streamlined API process, created by Bradley Willis, PEng, Voyageur's chief operating officer, aims to set a new benchmark for the industry by simplifying the production of iodine contrast drugs by extracting directly from brine water and creating a closed loop manufacturing process. This has the potential to position Voyageur, through a wholly owned subsidiary, to become the first U.S. company to produce iodine drugs domestically, mitigating supply chain risks and setting a new standard for cost efficiency in the industry.

The global contrast media market size was estimated at $6.77-billion (U.S.) in 2024 and is projected to reach $13.86-billion (U.S.) by 2033, growing at a CAGR of 8.3 per cent from 2025 to 2033. The North American market for iodine contrast media is estimated at 39.07 per cent of the global market, $2.65-billion per year of the global market share due to high imaging volumes.

About Dr. Mueller

Dr. Mueller, PhD, is a scientist, inventor and experienced professional with over 40 patents spanning water treatment, mineral extraction and carbon-capture technologies. With a career rooted in inorganic chemistry and advanced brine modelling, Dr. Mueller has consistently bridged fundamental science with industrial application. His expertise in produced water treatment, corrosion modelling and flow assurance chemistry has enabled him to solve complex challenges in oil and gas, geothermal, and desalination industries.

Drawing on decades of experience in thermodynamic brine chemistry and critical mineral recovery, Dr. Mueller recognized the untapped potential of iodine extraction from high-salinity streams. His ability to integrate electrochemical oxidation processes, advanced filtration and scalable extraction methods allowed him to design a specialized, efficient and economically viable iodine recovery technology. This innovation reflects his broader vision: transforming waste streams into valuable resources while advancing sustainable industrial practices.

Dr. Mueller possesses a valuable combination of deep technical knowledge, entrepreneurial leadership and experience in developing profitable extraction technologies. The Mueller Process reflects his approach of turning scientific insight into practical solutions that address industrial challenges and promote environmental stewardship.

His expertise is expected to support the integration of the Mueller Process with Voyageur's Streamline API process, which the company believes will enhance its ability to produce high-quality, low-cost iodine drugs.

Dr. Mueller's appointment as director of chemistry at Voyageur reflects the company's commitment to innovation and excellence. His record in developing and commercializing advanced technologies is expected to support Voyageur's mission to become a leader in the radiology contrast media drug market. By leveraging Dr. Mueller's skills and technology, Voyageur aims to achieve its vision of vertical integration and cost leadership in the industry.

Update on collaboration with Altillion Inc.

Voyageur also announces that the company has delivered a notice to Altillion Inc. that it will be terminating the collaboration between the company and Altillion, previously announced on June 23, 2025. The company appreciates the contributions made by Altillion during the term of the collaboration with Voyageur.

About Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company, is in development of barium and iodine active pharmaceutical ingredients (API) 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 API's as well as supplying raw materials to major pharmaceutical manufacturers.

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