VM:CC - Voyageur and Altillion Forge Landmark Alliance to Establish North America's First Vertically Integrated Iodine Drug Supply Chain

(TheNewswire)

Calgary, Alberta – TheNewswire - June 23, 2025 – Voyageur Pharmaceuticals Ltd.(TSXV:VM) (“Voyageur” or the “Company”), a Canadian public company developing cost-effective imaging contrastmedia, is pleased to announce the signing of a non-binding Memorandumof Understanding (MOU) with U.S. based Altillion Inc. , aleading technology innovator in mineral extraction. The collaborationmarks the launch of Phase1 in Voyageur’s plan to develop NorthAmerica’s first fully integrated iodine-based drug manufacturingplatform, building on progress in its barium contrast mediaprogram.

Securing Domestic Iodine – FromBrine to Drug

Under the MOU, Voyageur and Altillion will validate theeconomics of Altillion’s proprietary iodineextraction technology, targeting recovery ratesof 90% and purity exceeding 99% I? crystalline flake, a criticalpharmaceutical grade standard. Benchmark pricing for I 2 flake currently sits at USD $70/kg($70,000/tonne) (source: Iofina ).

A bench-scale test will be conducted as a foundationfor a broader feasibility study by an independent engineering firm.The study will assess technical, regulatory, and economic parametersfor building:

• An iodine extraction facility on a saltwater disposalsite in Oklahoma.

• A pharmaceutical manufacturing campus inTexas.

This infrastructure will serve as the foundation forVoyageur’s vertical integration strategy in Iodine-basedpharmaceuticals.

AFour-Phase Plan to Build the U.S. Iodine Drug Supply Chain

Voyageur’s integration strategy will roll out in fourphases:

• Phase 1: Bench scale testing: Validate Altillion’s extraction process andfinalize a licensing agreement for pharmaceutical iodineproduction.

• Phase 2: Pilot Production 200tonne/year : Build an Active PharmaceuticalIngredient (API) plant to supply the essential compound foriodine-based contrast agents and other therapeutics.

• Phase 3 :Scale-Up Expand Iodine production to 1000 tonnesper year.

• Phase 4: FullManufacturing : Construct a sterile injectablefacility in Texas, enabling complete in-house iodine contrast drugproduction.

This strategy positions Voyageur to become thelowest-cost manufacturer in the segment while achieving full controlover quality and supply chain continuity, from resource to finisheddrug products.

Non-Dilutive Funding Potential

Voyageur is in preliminary discussions withmultinational contrast media companies for strategic fundingpartnerships. Additionally, the Company has retained a Washington,D.C. based advisory firm to lead its government relations and fundingstrategy. The Company aims to access federal, state, and local programs supporting strategic mineral development andpharmaceutical manufacturing. These efforts align with Voyageur’splans to expand U.S. operations over the coming months and years.

Responding to Global Iodine Supply Constraints

Global iodine supply remains under strain, with leadingAPI producers unable to meet rising demand across healthcare,technology, and industry.  This supply crunch has restrictedexpansion in the iodine contrast market, even as demand is drivenby:

• Increasing chronic disease prevalence

• Expanded deployment of X-Ray and CT diagnosticequipment

• An aging global population

The global contrast media market is valued at US$6.3B and is projected  to double to US$12.6B by 2032(Sources: ( Grand View Research and GE Healthcare ). Despite this growth, North Americaremains 100% dependent on iodine drug imports – a strategicvulnerability Voyageur aims to resolve.

Voyageur’s Competitive Edge

Upon full execution, Voyageur believes it will be theonly iodine drug manufacturer in North America with end-to-endvertical control, from natural resource through final sterileinjectable drug product. Coupled this with its unique approach tobarium contrast, Voyageur is poised to become the first company with afully integrated dual (barium and iodine) pharmaceutical-grademanufacturing platform in North America.

About Altillion Inc.

Altillion is a value-driven innovator focused onunlocking critical minerals from complex brine sources. Through itsproprietary ALIX™ and IRIS™ technologies, Altillion enables theefficient extraction, concentration, and purification of lithium,iodine, copper, and other high-value elements. Backed by a seasonedteam with deep operational expertise, Altillion delivers scalable,low-footprint solutions that drive down cost, maximize recovery andsimplify downstream processing. By combining field-proven innovationwith a commitment to economic and environmental performance, Altillionis reshaping the future of mineral recovery.

About Voyageur PharmaceuticalsLtd.

Voyageur, a Canadian public company trading under thesymbol VM on the TSX Venture Exchange, is in development of barium andiodine Active Pharmaceutical Ingredients (API) that offerhigh-performance and cost-effective imaging contrast agents. With astrategic focus on vertically integrating the barium and iodinecontrast markets, Voyageur aims to become a key player by producingits own barium and iodine. In addition, Voyageur is pursuing thedevelopment of new endo fullerene drugs.

Voyageur's business plan is set to generate cash flow by working withestablished third-party GMP pharmaceutical manufacturers in Canadathereby ensuring the validation of its products by regulatory agenciesworldwide. As Voyageur solidifies its presence in the market, it plansto transition into a high-margin domestic manufacturer of radiologydrugs.

At the core of its operations, Voyageur owns a 100% interest in theFrances Creek Project. Currently, the world's pharmaceutical bariumsulphate is almost entirely synthetically produced resulting in a lesseffective imaging quality product. Voyageur’s Frances Creek resourceboasts a rare and exceptional grade mineral suitable for thepharmaceutical marketplace that Voyageur believes will replace thecurrent synthetic products with higher quality imagingproducts.

Voyageur's ambitious vision is to become the firstvertically integrated company in the radiology contrast media drugmarket. By controlling all primary input costs, from the sourcing ofraw materials to final production, Voyageur believes it can ensurequality and cost efficiency. With its approach, it embodies the mottoof "From the Earth to the Bottle," highlighting Voyageur'scommitment to responsible sourcing and manufacturingpractices.

For Further Information:

Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisnews release.

Cautionary Statement Regarding “Forward-Looking”Information

Thisnews release may contain certain forward-looking information andstatements, including without limitation, statements pertainingto: the entering into of alicensing agreement with Altillion Inc.; the successful completion ofthe bench scale testing, feasibility study, non-dilutive funding, andthe completion of Phases 2 through 4 of Voyageur's integrated iodineplatform; expectations relating to what will be included in thefeasibility study; the Company's plan to have a pharmaceuticalmanufacturing campus in Texas serve as the foundation of its verticalintegration strategy; the Company's expectation regarding the benefitsof its vertically integrated model; the Company's plans to expand itsUS operations over the course of the following months and years; theCompany's belief that it can be the only iodine drug manufacturer inNorth America with vertically integrated control over its naturaliodine resource, intermediate compound production, API synthesis, andfinal drug manufacturing; the Company's belief that it can become oneof the first to operate a fully-integrated iodine-based andbarium-based pharmaceutical manufacturing platform;  the Company'saim to become a key player in the barium and iodine contrast markets,the Company's plan to transition into a high-margin domesticmanufacturer of radiology drugs; the Company's belief that the FrancesCreek Project's mineral will replace the current synthetic products inthe pharmaceutical marketplace with higher quality imaging products;and the Company's belief that it can ensure quality and costefficiency by controlling all primary input costs. All statements included herein, other thanstatements of historical fact, are forward-looking information andsuch information involves various risks and uncertainties. There canbe no assurance that such information will prove to be accurate, andactual results and future events could differ materially from thoseanticipated in such information. A description of assumptions used todevelop such forward-looking information and a description of riskfactors that may cause actual results to differ materially fromforward-looking information can be found in the Company's disclosuredocuments on the SEDAR+ website at www.sedarplus.ca. Voyageur does notundertake to update any forward-looking information except inaccordance with applicable securities laws.

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