Voyageur Pharmaceuticals Advances Natural Barium Sulfate API Toward Clinical Trials with Alberta Innovates Support

Voyageur Pharmaceuticals Ltd. has announced independent laboratory test results confirming the pharmaceutical-grade purity of barium sulfate active pharmaceutical ingredient sourced from its Frances Creek barite property in British Columbia. The testing, completed as part of the Alberta Innovates AICE-Market Access Program, demonstrated purity levels exceeding United States Pharmacopeia requirements, with assay results ranging from 98.1% to 99.4% across multiple samples and an average grade of 98.8%. All samples fully passed the complete suite of USP monograph tests, including identification, pH, loss on drying, limit of soluble barium salts, acid-soluble substances, sulfides, and microbiological requirements.

The processed barite achieved 1-micron and 10-micron particle sizes through pharmaceutical-grade micronizing equipment at Sturtevant Inc., with multiple test runs producing excellent particle size distributions. All micronized samples met USP particle size and performance criteria, exhibited good flowability, 100% yield, and showed no discoloration or contamination. The barium sulfate underwent a controlled acid-wash procedure developed and executed in a cGMP-compliant environment at SGS Laboratories in Mississauga, Ontario, with final processing and packaging completed under full Good Manufacturing Practices.

With this milestone achieved, Voyageur is set to advance to stage two of the Alberta Innovates AICE-Market Access Program, following completion of manufacturing of its barium contrast agents for an upcoming clinical trial. The clinical trial, designed by Chief Scientific Officer Dr. Iryna Saranchova in accordance with Health Canada standards and internationally recognized regulatory requirements, will compare the functional effectiveness of Voyageur's contrasts with current commercially available standard-of-care options for gastrointestinal Computed Tomography and fluoroscopic imaging applications. By evaluating investigational agents against both barium-based and iodinated oral contrasts, the trial is expected to provide comprehensive assessment of the Company's products' performance in clinical settings.

Successful study outcomes are expected to validate clinical performance of Voyageur's developing imaging contrasts, strengthen regulatory positioning, and materially accelerate progress toward market adoption. Full study completion is targeted for the fourth quarter of 2026, with clinical trial results being pivotal for marketing and enhancing the Company's FDA licensing applications. The FDA process is scheduled to begin in the first quarter of 2026, and results will also contribute to the prefeasibility and final feasibility study for the Frances Creek project, expected by the fourth quarter of 2026.

Brent Willis, CEO of Voyageur, stated that these results represent a major de-risking milestone, bringing the company significantly closer to a fully integrated, secure, and cost-effective North American supply chain for barium contrast media. The purity of the Frances Creek barite confirms the value of the resource, positioning Voyageur to excel in product marketing with low manufacturing costs. By developing this domestic resource, the Company is building a fully integrated supply chain from quarry to finished contrast media, reducing reliance on imported or synthetic materials while improving cost efficiency and supply reliability for hospitals and patients.

In separate corporate developments, Voyageur announced the issuance of 378,651 Deferred Share Units to directors and a consultant pursuant to its fixed 10% equity incentive compensation plan, with each DSU having a starting value equal to approximately $0.17573 based on weighted average share prices. The Company also granted 4,300,000 stock options to directors and officers, with 1,075,000 options vesting immediately and the remainder subject to time-based vesting terms. Additionally, Voyageur announced a proposed issuance of securities for debt, subject to TSX Venture Exchange approval, involving units comprised of common shares and warrants to be issued at a deemed price of $0.1125 to an arm's length third party for financial advisory services.