Mr. Brent Willis reports

VOYAGEUR ANNOUNCES SHARES FOR DEBT SETTLEMENT AND STOCK OPTION REPRICING

Further to Voyageur Pharmaceuticals Ltd.'s news release dated March 4, 2026, the company has completed its previously announced shares for debt settlement. Pursuant to the debt settlement, the company has issued 888,888 units of the company at a deemed price of 11.25 cents per unit in full and final settlement of outstanding indebtedness in the amount of $100,000. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant is exercisable at 15 cents per common share for a period of five years from the date of issuance.

Stock option repricing

The company also announces an increase in the exercise price for 4.3 million stock options granted to certain directors and officers of the company, as announced in the company's news release dated March 4, 2026.

The options were granted on March 4, 2026, under the terms of the company's stock option plan with an exercise price of 11.25 cents per common share. The exercise price has been increased to 15 cents per common share. There were no amendments to the other terms of the options. The repricing is subject to the approval of the TSX Venture Exchange.

About Voyageur Pharmaceuticals Ltd.

Voyageur, a Canadian public company trading under the symbol VM on the TSX-V, is in development of barium and iodine active pharmaceutical ingredients (API) and intends to offer high performance, 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, iodine and new endohedral fullerene drugs (C60). Voyageur has developed five barium contrast products that have Health Canada licences.

Voyageur's business plan is set to generate cash flow 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, further expanding its revenue streams.

At the core of its operations, Voyageur owns a 100-per-cent interest in the Frances Creek barium sulphate (barite) project. Currently, the world's pharmaceutical barium sulphate is almost entirely synthetically produced which management believes results in a less effective imaging quality product. Voyageur's Frances Creek resource boasts a rare and high-grade mineral suitable for the pharmaceutical marketplace that Voyageur believes will replace the current synthetic products with higher-quality lower-cost 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 intends to 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.

We seek Safe Harbor.