Voyageur Pharmaceuticals Engages Fluor to Advance Feasibility Studies for Iodine Production and Integrated Contrast Drug Manufacturing Facility

Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC Pink: VYYRF) has engaged Fluor Corporation, a global engineering, procurement, construction and maintenance firm, to complete comprehensive feasibility studies for two strategic projects that will advance the Company’s vertically integrated North American supply chain for radiology contrast drugs. The engagement covers an Iodine Project in collaboration with Bayer, and Voyageur’s Integrated Iodine and Barium Contrast Drug Manufacturing Facility.

The Iodine Project feasibility study focuses on a proposed iodine extraction and production facility in Oklahoma, USA, using Voyageur's patent-pending Mueller process, developed in collaboration with Bayer AG under a milestone-based funding agreement announced on February 23, 2026. This project aims to produce high-purity iodine from iodine-rich oilfield brine for use in contrast media drugs. Voyageur has budgeted US$2,350,000 for completion of this study.

The second feasibility study is for Voyageur’s planned pharmaceutical manufacturing plant, which management expects will produce finished barium and iodine-based contrast media products. This facility is expected to integrate Voyageur’s high-purity barite from its 100%-owned Frances Creek barium deposit in British Columbia with domestically sourced iodine, creating the first fully integrated “Earth-to-Bottle” contrast media platform in North America.

Fluor’s world-class expertise in process engineering, project economics, and large-scale industrial facility design will ensure both studies meet the highest technical, environmental, and economic standards required for project financing and regulatory approvals. The studies are expected to be completed in early 2027, paving the way for a potential construction decision in 2027.

“We are thrilled to partner with Fluor to de-risk and accelerate these projects,” said Brent Willis, CEO of Voyageur Pharmaceuticals. “With the iodine initiative and Fluor’s technical expertise, we are moving decisively toward securing North America’s supply chain for critical medical imaging drugs. These feasibility studies represent a major milestone in our strategy to become the first fully integrated producer of both barium and iodine contrast agents on the continent.”

The dual feasibility studies build on Voyageur’s recent progress, including its Health Canada-approved barium contrast products already generating commercial sales and the ongoing Bayer collaboration. Subject to successful completion of the feasibility study and further agreement of the parties, Voyageur and Bayer may consider advancing the project into a subsequent phase under an offtake-linked production financing arrangement. In a potential subsequent phase, Bayer may provide capital financing for the project, while Voyageur would operate and manage the project, subject to definitive agreements.

Voyageur Pharmaceuticals is a Canadian company focused on becoming a low-cost, vertically integrated producer of barium and iodine Active Pharmaceutical Ingredients (APIs) and finished imaging contrast agents. The Company has already developed five barium contrast products that hold Health Canada licenses and are currently generating revenue in Canada. Voyageur is positioned to become North America’s first vertically integrated, low-cost manufacturer of both barium and iodine contrast media, a significant competitive advantage.