VM:CC - Voyageur Pharmaceuticals Ltd. Files Annual Audited Financial Statements

(TheNewswire)

Calgary, A B - TheNewswire - March 30, 2023 - Voyageur Pharmaceuticals Ltd. (TSX.V:VM) (USA:VYYRF) (the"Company" or "Voyageur") announces that it hasfiled its annual audited financial statements and management'sdiscussion and analysis for the year ended November 30, 2022 on SEDAR.

The Company also announces that, due to a shortfall inspending on the Frances Creek project, because of closures to the siteover the past three years, it is liable for and has accrued aliability to the subscribers that participated in the privateplacements of flow-through share units that closed on December 31,2020 and May 5, 2021. The site was closed due to covid in 2021, forestfires closed the area in 2022 and the Frances Creek forestry road waswashed out in 2022-23 and has not been repaired by the Province ofBritish Columbia. The accrual is based on the indemnification clausein the flow-through subscription agreement requiring the Company toreimburse shareholders for their tax liability resulting from thespending shortfall. The accrual amount was calculated on the highestmarginal tax rate in Alberta (48%) applied to the total spendingshortfall of $347,152 amounting to $166,633 liability to the Company.The Company is also liable for, and has accrued, interest andpenalties to the Canada Revenue Agency which amount to approximately$56,154.

About Voyageur

Voyageur is a Canadian public company listed on theTSXV under the trading symbol VM. Voyageur is focused on thedevelopment of barium and iodine Active Pharmaceutical Ingredients(“API”) and high-performance cost-effective imaging contrastagents for the medical imaging marketplace. Voyageur’s goal is tofully integrate the barium and iodine contrast market by producing itsown minerals of barium and iodine. The business plan is to initiallygenerate cash flow from operations using third party GMPpharmaceutical manufacturers in Canada and validate the products forregulatory agencies globally. Then transitioning into a high margindomestic manufacturer of radiology drugs. Voyageur has plans to buildcarbon neutral infrastructure to become 100% self-sufficient acrossall manufacturing activities. Voyageur owns a 100% interest in threebarium sulphate (barite) projects including the Frances Creekproperty, suitable in grade for the pharmaceutical marketplace, withadditional interests in a high-grade iodine, lithium & brominebrine project located in Utah, USA. Voyageur is moving forward withits business plan of becoming the only fully integrated carbon neutralcompany in the radiology contrast media drug market, by controllingall primary input costs under the motto of:

"From the Earth to theBottle".

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.

Cautionary Statement Regarding“Forward-Looking” Information

This news releasemay contain certain forward-looking information and statementsincluding statements regarding the amount of the Company's liabilityto subscribers and the Canada Revenue Agency for the spendingshortfall. All statements included herein, other than statements ofhistorical fact, are forward-looking information and such informationinvolves various risks and uncertainties. There can be no assurancethat such information will prove to be accurate, and actual resultsand future events could differ materially from those anticipated insuch information. A description of assumptions used to develop suchforward-looking information and a description of risk factors that maycause actual results to differ materially from forward-lookinginformation can be found in the Company's disclosure documents on theSEDAR website at www.sedar.com. Voyageur does not undertake to updateany forward-looking information except in accordance with applicablesecurities laws.

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