Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS LTD. ANNOUNCES FILING OF INTERIM FINANCIAL STATEMENTS, DIRECTOR CHANGES AND GRANT OF STOCK OPTIONS

Voyageur Pharmaceuticals Ltd. has filed its interim financial statements and management's discussion and analysis for the quarter ended May 31, 2023, on SEDAR+.

Voyageur Pharmaceuticals also announces the retirement from the board of directors of the corporation of Ron Sifton, who has served the company well for the last 3-1/2 years as a member of the board, as chairman of the audit committee, and as a member of the compensation committee and corporate governance committee. Mr. Sifton received special thanks from the board members and management and best wishes in his retirement.

The company is pleased to announce that Kevin R. McBeth, CPA, CA, ICD.D, subject to regulatory approval, has joined the board and will take on the role of chair of the audit committee, as well as member of the compensation committee. Mr. McBeth is an accomplished and esteemed professional with a diverse background in finance, accounting and corporate governance. With an extensive record in the industry, he has earned a reputation as a trusted adviser and distinguished leader.

As a certified public accountant (CPA) and chartered accountant (CA), he possesses an in-depth understanding of financial management, reporting and compliance. His proficiency lies in effectively managing complex financial operations, ensuring utmost accuracy and transparency in financial statements, and implementing robust internal controls.

His unwavering commitment to excellence and his dedication to professional growth drove him to achieve the prestigious ICD.D (Institute of Corporate Directors) designation. This credential showcases his comprehensive knowledge of corporate governance practices, enabling him to provide strategic guidance to boards of directors. With this certification, he is excellently equipped to contribute to the effective governance and long-term prosperity of Voyageur Pharmaceuticals.

Throughout his career, he has held various executive positions, showcasing his leadership skills and business acumen. Serving as chief financial officer for prominent companies, he expertly oversees financial planning and analysis, budgeting, risk management, and successful mergers and acquisitions. His sharp financial insights, combined with a strategic mindset, have driven remarkable growth and optimized financial performance for the organizations he has collaborated with.

Beyond his professional achievements, he actively engages in community initiatives and philanthropic endeavors. Driven by a strong belief in giving back to society, he endeavours to make a positive impact through his thoughtful contributions.

Option grant

Voyageur Pharmaceuticals announced that it has issued 300,000 stock options to directors of the company pursuant to its incentive stock option plan. On July 20, 2023, the board approved the grant of options, to be effective on July 28, 2023, using the closing price on that day. The options were issued with an exercise price of 6.5 cents per common share, vest immediately and have a 10-year term. The options are subject to regulatory and TSX Venture Exchange approval.

About Voyageur Pharmaceuticals Ltd.

Voyageur Pharmaceuticals is a Canadian public company listed on the TSX Venture Exchange under the trading symbol VM. Voyageur Pharmaceuticals is focused on the development of barium and iodine active pharmaceutical ingredients (API) and high performance cost-effective imaging contrast agents for the medical imaging marketplace. Voyageur Pharmaceuticals' goal is to fully integrate the barium and iodine contrast market by producing its own minerals of barium and iodine. The business plan is to initially generate cash flow from operations using third party good manufacturing practice pharmaceutical manufacturers in Canada and validate the products for regulatory agencies globally, then transitioning into a high-margin domestic manufacturer of radiology drugs. Voyageur Pharmaceuticals has plans to build carbon-neutral infrastructure to become 100 per cent self-sufficient across all manufacturing activities. Voyageur Pharmaceuticals owns a 100-per-cent interest in three barium sulphate (barite) projects including the Frances Creek property, suitable in grade for the pharmaceutical marketplace, with additional interests in a high-grade iodine, lithium and bromine brine project located in Utah, United States. Voyageur Pharmaceuticals is moving forward with its business plan of becoming the only fully integrated carbon-neutral company in the radiology contrast media drug market by controlling all primary input costs under the motto of "from the earth to the bottle."

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