Voyageur Pharmaceuticals Announces High-Purity Barium Sulfate API Results

Calgary, Alberta — March 4, 2026 — Leads & Copy — Voyageur Pharmaceuticals Ltd. (TSX-V: VM) (OTC Pink: VYYRF) has announced positive independent laboratory test results for its barium sulfate active pharmaceutical ingredient (API). The testing, conducted as part of the Alberta Innovates AICE-Market Access Program, confirmed the API barite sourced from the company’s Frances Creek barite property in British Columbia achieved purity, full USP compliance, successful micronization.

Voyageur anticipates completing the first stage of this project after manufacturing batches of new product using Frances Creek barium sulfate and then moving to stage two, unlocking additional non-dilutive funding.

SGS Laboratories in Mississauga, Ontario, performed the testing, which showed % BaSO₄ assay results ranging from 98.1% to 99.4% across multiple samples, exceeding the USP monograph requirement of 97.5%. Several batches achieved 99.1% to 99.4% purity, with an average grade of 98.8%. All samples passed the complete suite of USP monograph tests, including identification, pH, loss on drying, limit of soluble barium salts (NMT 0.001%), acid-soluble substances, sulfides, and microbiological requirements.

USP <232> elemental impurities testing revealed heavy metal levels significantly lower than the USP specifications. The processed barite achieved 1-micron and 10-micron particle sizes. Processing trials at Sturtevant Inc. using pharmaceutical-grade micronizing equipment demonstrated efficient processing into ultra-fine particles. Multiple test runs produced excellent particle size distributions, with d50 values of 1.1–1.9 µm and d90 values as low as 2.5 µm under optimal conditions. 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. Final processing and packaging of the API were also completed under full Good Manufacturing Practices (GMP).

Voyageur CEO Brent Willis stated the results are promising and represent a major de-risking milestone. He believes the company has proven that its natural barite resource delivers high chemical purity, ideal particle size after micronization, and full USP compliance. He added that the upcoming clinical trial in patients is the final bridge to using Frances Creek API in Health Canada-approved contrast products, bringing the company significantly closer to a fully integrated, secure, and cost-effective North American supply chain for barium contrast media.

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 the upcoming clinical trial, as designed by Chief Scientific Officer Dr. Iryna Saranchova in accordance with Health Canada standards, and internationally recognized regulatory requirements.

The clinical trial will compare the functional effectiveness of Voyageur’s contrasts with commercially available standard-of-care options for similar gastrointestinal Computed Tomography and fluoroscopic imaging applications. By evaluating the investigational agents against both barium-based and iodinated oral contrasts, the clinical trial is expected to provide a comprehensive assessment of the company's products’ performance in clinical settings. This approach ensures that results are clinically meaningful, scientifically rigorous, and aligned with Health Canada, FDA, and other international regulatory expectations.

Successful study outcomes are expected to validate the clinical performance of Voyageur’s developing imaging contrasts, strengthen regulatory positioning, and materially accelerate progress toward market adoption. Positive results should enhance stakeholder confidence, support commercialization objectives, and advance the company’s vertically integrated product portfolio. Full study completion is targeted for the fourth quarter of 2026.

The clinical trial results will be pivotal for marketing and enhancing the Company's FDA licensing applications, with the FDA process beginning in the first quarter of 2026 and will also contribute to the prefeasibility and final feasibility study for the Frances Creek project, expected by the fourth quarter of 2026.

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.

Voyageur also announces that it has issued 378,651 Deferred Share Units ("DSUs") to directors and a consultant of the Company pursuant to its fixed 10% equity incentive compensation plan (the "Equity Compensation Plan"). Each DSU represents a right of the holder to receive one common share ("Common Share") of the Company effective as of the date that the holder ceases service as a director of the Company.

The Company also announces that it has granted 4,300,000 stock options ("Options") to directors and officers of the Company. 1,075,000 Options shall vest immediately on the grant date, with the remainder being subject to time-based vesting terms.

Voyageur also announces, subject to the approval of the Exchange, that it intends to issue units of the Company (the "Units") to an arm's length third party (the "Provider") at a total deemed value of $100,000 in connection with debt incurred pursuant to a letter agreement (the "Agreement") entered into with the Provider for the purposes of providing the Company with financial advisory services (the "Issuance").

Voyageur, a Canadian public company trading under the symbol VM on the TSXV, is in development of barium and iodine Active Pharmaceutical Ingredients (API) and intends to offer high-performance, cost-effective imaging contrast agents. Voyageur has developed five barium contrast products that have Health Canada licenses.

Voyageur owns a 100% interest in the Frances Creek barium sulfate (barite) project. 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 vision is to become the first vertically integrated company in the radiology contrast media drug market.

Source: Voyageur Pharmaceuticals Ltd.