Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS ACHIEVES MILESTONE IN THE DEVELOPMENT OF HDXBA BARIUM CONTRAST MEDIA

Voyageur Pharmaceuticals Ltd. has completed formulation and the engineering for production processing for the dry powdered barium contrast media product HDXBa. HDXBa is an oral contrast agent for suspension used as an oral drug for use in double-contrast radiographic examinations of the esophagus, stomach and duodenum. Voyageur has a Health Canada approved licence for HDXBa. HDXBa has been formulated to meet Food and Drug Administration drug guidelines.

Voyageur launched its first oral contrast agent, SmoothX, to the Canadian market, and it was well received for future use. Due to the sole source environment in Canada for barium contrast agents, clients have asked Voyageur to produce a full suite of products to allow them to make a seamless transition to Voyageur's product line. In response to client demand, Voyageur is currently working with Alberta Veterinarian Laboratories (AVL) and its subsidiary, Solvet, to accelerate the formulation and testing of the remaining products that the market requires to ensure supply chain security for Voyageur's clients. AVL is currently formulating the next three products with Health Canada licences: MultiXBa, MultiXs and MultiXthin. Upon completion of its full suite of products, Voyageur will begin penetrating the Canadian radiology market.

Market update

The radiology pharmaceutical sector has been plagued by supply chain vulnerabilities over the past few years, which has been confirmed by the ASHP Foundation. Voyageur is moving forward to become a fully vertically integrated radiology drug company by domestically producing its own minerals for radiology drugs, including barium sulphate, iodine and carbon fullerene. Voyageur owns 100 per cent of the Frances Creek barium sulphate project located in British Columbia, Canada. Upon production of Frances Creek barium sulphate, Voyageur estimates its ingredient cost of barium sulphate will drop significantly, allowing for highly competitive pricing that will produce highly profitable revenue streams. This has been verified by a preliminary economic assessment (PEA) published by SGS Canada. By producing domestically, the industry will no longer be reliant on foreign supply chains, allowing for North American radiology pharmaceutical consumers to potentially achieve a reliable secure supply chain.

Voyageur completed a PEA that valued the Frances Creek barium sulphate project with a net present value of $344-million and generating $839-million of pretax revenue over 10 years. Significantly, Voyageur possesses the distinction of being one of the few providers of commercial natural pharmaceutical-grade barium sulphate on a global scale, as its current supplier from China has confirmed the unavailability of such a product. Voyageur is currently importing synthetic man-made barium sulphate to initiate sales due to lack of available supply of low-cost natural barium sulphate.

About Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company trading under the symbol VM on the TSX Venture Exchange, 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.