Mr. Brent Willis reports

VOYAGEUR PHARMACEUTICALS ANNOUNCES THE ENGAGEMENT OF RED CLOUD SECURITIES AS MARKET MAKER

Voyageur Pharmaceuticals Ltd. has engaged Red Cloud Securities Inc., subject to all required regulatory approvals, including the approval of the TSX Venture Exchange to provide market stabilization and liquidity services to the company in compliance with the policies and guidelines of the TSX-V and other applicable legislation, pursuant to letter of engagement entered into between the company and Red Cloud effective July 14, 2026. Red Cloud is a Toronto-based investment dealer and a member of the Canadian Investment Regulatory Organization (CIRO), focused on providing a full range of brokerage services to all investor types focused in the junior resource sector. Its services include investment banking, research, institutional and retail trading, institutional sales, and retail investment advisory services. Red Cloud is not promoting the specific purchase or sale of securities. Red Cloud will trade shares of Voyageur on the TSX-V for the purposes of maintaining a reasonable market and improving the liquidity of Voyageur's common shares.

Under the agreement, the company will pay Red Cloud $5,000 per month during the term. The term of engagement is continuing and may be terminated by either party on 60-day prior written notice. The company and Red Cloud have an arm's-length relationship and, as of the effective date of the agreement, Red Cloud does not hold any interest, directly or indirectly, in the securities of Voyageur. Red Cloud and its clients may acquire a direct interest in the securities of the company. There are no performance factors contained in the agreement and Red Cloud will not receive any shares or options from the company as compensation for the services it will render.

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 (APIs) 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 earth to bottle," highlighting Voyageur's commitment to responsible sourcing and manufacturing practices.

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