VM:CC - Voyageur Pharmaceuticals Announces Changes to Board of Directors and DSU Grant

(TheNewswire)

FOR IMMEDIATE RELEASE

• Ralph HesjeRetires as Chairman

• Eric PommerAssumes Role of Chairperson

• Beth ShawAppointed to Board

CALGARY, AB – TheNewswire - May 1, 2025 – Voyageur Pharmaceuticals Ltd.(the " Company " or " Voyageur ") is pleased to announce changesto the board of directors of the Company (the " Board "), markinga new chapter in the Company’s growth trajectory.

Retirement of Ralph Hesje
After four years of dedicated service, Ralph Hesje has retired fromhis role as Chairman of the Board and as a director of Voyageureffective April 30, 2025. Mr. Hesje’s leadership has beeninstrumental in guiding the Company through pivotal moments, includinghis tenure as Chairman of the Compensation and Corporate GovernanceCommittees and as a member of the Audit Committee.

In his farewell statement, Mr. Hesje shared: “After a meaningful tenureserving as Chairman of the Board, Chairman of the Compensation andCorporate Governance Committees, and a member of the Audit Committee,I am retiring from the Board of Voyageur Pharmaceuticals. During mytime with the company, we have navigated significant challenges,strengthened governance, sharpened our strategy, and positionedVoyageur for future growth. I am proud of the progress we have made,and the dedication shown by both management and the Board in advancingour vision. As Voyageur reaches a key point in its evolution, the nextchapter will require bold steps—particularly in navigating capitalmarkets, the development of Frances Creek, the pursuit of FDAcertifications, and international expansion.

With that in mind, it is the righttime to refresh the Board and bring in new skills aligned with thecompany’s current priorities. I am pleased to welcome Beth Shaw to the Board. Ms. Shaw brings a deepbackground in capital markets, corporate governance and strategicadvisory services. Her expertise will be invaluable as Voyageuraccelerates its next phase of growth. It has been a privilege to servethis company. I leave with confidence in the team, excitement for thefuture, and appreciation for the opportunity to contribute.”

The Board and management of Voyageur extend theirdeepest gratitude to Mr. Hesje for his unwavering commitment,strategic vision, and contributions to Voyageur’s evolution.

Eric Pommer AppointedChairperson
Current director Eric Pommer, who has served as a director ofVoyageur for the past three years and as Chairperson of the CorporateGovernance Committee, will assume the role of Chairperson of the Boardand continue as Chairperson of the Corporate Governance Committee.Eric Pommer brings over 45 years of expertise in managing high-tech,manufacturing, and service companies. With a strong background inbusiness operations, strategic planning, and regulatory compliance,Eric enhances the Company's leadership team. His experience includesroles as in-house counsel and operations manager for major firms likeMartin Marietta Aerospace and Geo InSight International. A member ofthe California Bar Association since 1977, Eric holds an MS in SystemsManagement from USC and a JD from ThomasJefferson School of Law. He has taught various law courses andpublished in the Public Contracts Law Journal. His extensive knowledgein corporate governance, mergers and acquisitions, and federalgovernment contracts administration provides valuable insights forshareholders and strengthens Voyageur's strategic direction.

“I am honored to take on this roleand build upon Ralph’s legacy,” said Mr.Pommer. “With Beth’saddition and the continued dedication of our Board and management,Voyageur is poised to capitalize on emerging opportunities and deliverlong-term value.”

Appointment of Beth Shaw
Voyageur is delighted to announce the appointment of Beth Shaw, MBA,ICD.D, to its Board, subject to regulatory approval. With over 35years of capital markets expertise, Beth brings a wealth of experiencein equity financing, corporate governance, and risk management. As theFounder and President of QB Advisory Group Inc., and over her careerin the capital markets, she has successfully advised on high-profiletransactions across sectors such as Life Sciences, Technology, andEnergy.

Beth's advisory roles with industry regulators such asthe Ontario Securities Commission and the Canadian InvestmentRegulatory Organization highlight her governance acumen. Her extensiveexperience in public and private capital raising, regulatorycompliance, and strategic advisory services makes her a strategicaddition to the Board. Her previous roles as head of Equity CapitalMarkets at a leading independent investment dealer and DesjardinsSecurities Inc. underscore her ability to manage complex equityofferings and drive institutional and investment bankinggrowth.

Beth's involvement with Women in Capital Markets (nowVersaFi) demonstrates her commitment to advancing gender equity in theindustry. Her strategic insights and leadership will be invaluable asVoyageur continues to expand its presence in the global market,ensuring robust governance and innovative growth strategies for thebenefit of shareholders and stakeholders alike.

CEO and Director Brent Willis states, “Beth’s extensive experience incapital markets and her expertise in equity financing and corporategovernance will be instrumental as Voyageur embarks on its next phaseof growth. Her appointment underscores our dedication to enhancing theBoard with diverse, independent, and strategic leadership, ensuring weare well-positioned to navigate complex financial landscapes and drivesustainable success.”

Issuance of DSU’s

Voyageur also announces that it has issued 11,402Deferred Share Units (" DSUs ") to Mr. Hesje pursuant to its fixed10% equity incentive compensation plan (the " Plan "). Each DSUrepresents a right of the holder to receive one common share(" CommonShare ") of the Corporation effective as ofthe date that the holder ceases service as a director of the Company.The DSUs are issued quarterly to compensate directors of theCorporation for their annual retainers, based on a deemed value equalto the volume-weighted average share price during the applicablequarter. The grant to Mr. Hesje has been adjusted on a pro-rata basisto reflect his resignation being effective April 30, 2025, which isprior to the end date of the second quarter of June 30, 2025. As aresult, the number of DSUs issued to Mr. Hesje corresponds only to theportion of the quarter during which he served as a director. The DSUsdo not have an exercise price but in respect of the 11,402 DSUs beinggranted have a starting value equal to approximately $0.1747 per DSU,based on the pro-rata weighted average share price for the quarter ending June 30, 2025. The DSUs are subject tothe terms of the Plan and the policies of the TSX Venture Exchange(the " Exchange "), and are subject to Exchangeapproval.  The DSUs and any Common Shares issued pursuant to theexercise of the DSUs are subject to a four month hold in accordancewith the policies of the Exchange.

About Voyageur PharmaceuticalsLtd.

Voyageur, a Canadian public company trading under thesymbol VM on the Exchange, is in development of barium and iodineActive Pharmaceutical Ingredients (API) that offer high-performanceand cost-effective imaging contrast agents. With a strategic focus onvertically integrating the barium and iodine contrast markets,Voyageur aims to become a key player by producing its own barium andiodine. In addition, Voyageur is pursuing the development of new endofullerene drugs.

Voyageur's business plan is set to generate cash flowby partnering with established third-party GMP pharmaceuticalmanufacturers in Canada thereby ensuring the validation of itsproducts by regulatory agencies worldwide. As Voyageur solidifies itspresence in the market, it plans to transition into a high-margindomestic manufacturer of radiology drugs.

Voyageur is committed to sustainability andenvironmental stewardship. Voyageur envisions a future where reducingcarbon emissions is the norm, and to achieve this, it intends to buildstate-of-the-art carbon-capture infrastructure utilising the RainCage EDEN TM system . Byinvesting in carbon capture energy sources and sustainablemanufacturing practices, Voyageur aims to generate revenue from carboncaptured “advanced carbon production”. Voyageur believes itsunwavering commitment to the environment sets it apart as a pioneer inthe industry.

At the core of its operations, Voyageur owns a 100%interest in the Frances Creek barium sulphate (barite) project.Currently, the worlds pharmaceutical barium sulphate is almostentirely synthetically produced resulting in a less effective imagingquality product. Voyageur’s Frances Creek resource boasts a rare andexceptional grade mineral suitable for the pharmaceutical marketplacethat Voyageur believes will replace the current synthetic productswith higher quality imaging products.

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 manufacturing practices.

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 pertaining to:regulatory approval of Beth Shaw's appointment as a director of theCorporation and Voyageur's business plans. All statements includedherein, other than statements of historical fact, are forward-lookinginformation and such information involves various risks anduncertainties. There can be no assurance that such information willprove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such information. Adescription of assumptions used to develop such forward-lookinginformation and a description of risk factors that may cause actualresults to differ materially from forward-looking information can befound in the Company's disclosure documents on the SEDAR+ website atwww.sedarplus.ca. Voyageur does not undertake to update anyforward-looking information except in accordance with applicablesecurities laws.

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