Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS LTD. ANNOUNCES DSU GRANTS

On July 10, 2023, Voyageur Pharmaceuticals Ltd. issued 383,360 deferred share units (DSUs) to directors of the company pursuant to its fixed 10-per-cent equity incentive compensation plan. Each DSU represents a right of the holder to receive one common share of the company effective as of the date that the holder ceases service as a director of the company. The DSUs are used to compensate directors of the corporation for their annual retainers and are issued quarterly using a deemed value that is equal to the weighted average share price during that quarter. The DSUs do not have an exercise price but have a starting value equal to approximately 8.15 cents per DSU, based on the weighted average share price for the quarter ended June 30, 2023. The DSUs are subject to the terms of the plan and the policies of the TSX Venture Exchange. The DSUs and any common shares issued pursuant to the exercise of the DSUs are subject to a four-month hold in accordance with the policies of the exchange.

About Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company trading under the symbol VM on the TSX-V, is in development of barium, iodine and carbon active pharmaceutical ingredients (API) and high-performance, cost-effective imaging contrast agents. With a strategic focus on vertically integrating the barium, iodine and carbon contrast imaging market, Voyageur aims to become a key player by producing its own barium, iodine and fullerene minerals.

We seek Safe Harbor.