Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS ANNOUNCES COLLABORATION WITH BAYER

Voyageur Pharmaceuticals Ltd. has signed, effective Feb. 22, 2026, a collaboration and funding agreement with Bayer, with milestone-based funding support of up to $2.35-million (U.S.). In conjunction with Voyageur's recent acquisition of iodine intellectual property from Dr. Brian Mueller as announced on Jan. 12, 2026, Voyageur believes it is well positioned to be a key participant in the global supply chain of iodine and contrast media.

The agreement will serve as a framework to collaborate on research and development with the aim of evaluating potential future production of iodine, to be used in contrast media drugs.

The agreement will remain in effect until the earlier of: (i) a determination that a feasibility study for the development of an iodine extraction plant in Oklahoma will not be commenced; (ii) execution of a definitive offtake agreement between the parties; or (iii) expiry of the exclusivity period. The milestone-based funding under the agreement is structured as follows: (i) an initial payment of $350,000 (U.S.) payable following execution of the agreement; (ii) $1-million (U.S.) payable upon commencement of the feasibility study; and (iii) a further $1-million (U.S.) payable upon completion of the feasibility study, for aggregate potential funding of $2.35-million (U.S.). In exchange for this funding, Voyageur has granted Bayer exclusivity to negotiate the offtake agreement for iodine production resulting from the project. All intellectual property developed in connection with the project will remain exclusively owned by Voyageur.

Subject to successful completion of the feasibility study, Bayer and Voyageur may consider advancing the project into a second phase, under an offtake-linked production financing arrangement. In this potential second phase, Bayer would provide capital financing for the project, while Voyageur would operate and manage the project.

This collaboration, which began with the signing of an LOI with Bayer on Dec. 20, 2024, represents an important early step in Voyageur's mission to become the first domestic producer of iodine contrast in the United States, while helping to secure critical supply chains for North America's health care industry.

Voyageur is working toward completing the feasibility studies for the Bayer project and Voyageur's radiology drug production project. Voyageur radiology drug project entails the production of barium contrast drugs utilizing the mineral resource at its Frances Creek project in British Columbia, Canada, and the production of iodinated contrast media drugs from iodine production from the Anadarko basin in the United States.

With respect to the Bayer project, Voyageur has completed initial lab bench testing and will now advance to building a small transportable field unit to generate the data for the Bayer project feasibility study, which is expected to be completed later this year using funding from Bayer.

Voyageur, in tandem, will be working on completing its radiology drug production project feasibility study to produce barium and iodine contrast drugs, which is funded by Voyageur.

Brent Willis, chief executive officer and president of Voyageur, states: "Voyageur is pleased to initiate this project to become the first domestic producer of iodine contrast media drugs. Securing the supply chain for radiology drugs is critical for the security of the North American health care industry, and this collaboration can be an important step in this direction. Upon successfully publishing a feasibility study for the Bayer project, Voyageur will enter negotiation to secure non-dilutive financing to build out the Bayer project. With this collaboration in place and successful completion of the two feasibility studies, Voyageur believes it could have a pathway to secure the capex financing to build a radiology drug manufacturing facility, which would allow Voyageur to become the first domestic producer of barium and iodine contrast media. As Voyageur advances its projects, Bayer will have the opportunity to review our drug manufacturing feasibility study, to evaluate for potential additional investment in all of Voyageur's projects moving forward."

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 (compound annual growth rate) 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 Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company trading under the symbol VM on the on the TSX Venture Exchange, 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. In addition, Voyageur is pursuing the development of new endo fullerene drugs.

Voyageur's business plan is set to generate sales by partnering with established third party GMP (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.

At the core of its operations, Voyageur has 100-per-cent interest in the Frances Creek barium sulphate (barite) project. Currently, the world's pharmaceutical barium sulphate is almost entirely synthetically produced resulting in a less effective imaging quality product. Voyageur's Frances Creek resource boasts a rare and exceptional grade mineral suitable for the pharmaceutical marketplace that Voyageur believes will replace the current synthetic products with higher-quality 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 believes it can ensure quality and cost efficiency. With its approach, it embodies the motto of From the Earth to the Bottle, highlighting Voyageur's commitment to responsible sourcing and manufacturing practices.

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