VM:CC - Voyageur Pharmaceuticals Ltd. Strengthens Board of Directors with Wall Street Expertise to Facilitate U.S. Market Expansion

(TheNewswire)

Calgary, AB – October 23, 2025 - TheNewswire – Voyageur Pharmaceuticals Ltd. (TSXV: VM)(OTC: VYYRF), (the “Company” or“Voyageur”) a Canadian developer of pharmaceutical-grade bariumand iodine for medical imaging contrast media, is pleased to announce,subject to regulatory approval, the expansion of its board ofdirectors and the appointment of two experienced Wall Streetexecutives:

• Jeffrey J. Kraws, an award-winning Wall Street analystand biotech strategist, and

• Christopher A. Van Buren, CFA, a seasoned financial andenterprise risk management executive.

These two new directors bring invaluable expertise inU.S. capital markets, IPO execution, and regulatory compliance,strategically positioning Voyageur for potential access to U.S.markets. This move aims to attract significant American investment tosupport Voyageur's growth in the diagnostic imagingsector.

These new directors' proven track records inorchestrating U.S. public offerings, capital raises, and cross-borderlistings will be instrumental in bridging Voyageur's TSX VentureExchange presence to the depth and liquidity of U.S. markets.Voyageur’s management anticipates this will enable acceleratedcommercialization and strategic partnerships.

"We believe Jeffrey and Christopher bring theprecise blend of Wall Street acumen and healthcare finance expertiseneeded to help unlock U.S. capital markets for Voyageur," saidBrent Willis, Voyageur’s CEO. "Their collective experience inguiding biopharma and asset management firms through successful IPOs,debt and equity financing, and regulatory compliance should streamlineour path to attracting institutional U.S. investors and provide thefinancial resources necessary to scale our innovative pipeline forNorth American healthcare providers."

Jeffrey J. Kraws , with over 35 years of experience, has led U.S. capitalraises, IPOs, and secondary offerings for pharmaceutical and lifesciences firms. As Chairman of Theriva Biologics and former Chairmanof Avivagen Inc., Kraws is expected to leverage his extensive networkof U.S. investment banks and institutional investors to craftVoyageur's equity story, and drive debt and equity financing toenhance shareholder value.

Christopher A. Van Buren,CFA, brings over three decades of leadershipexperience at Fortune 100 and 500 firms, including roles as Partnerand Chief Risk Officer at Edward Jones and Executive Vice President& Chief Risk Officer at TIAA. His expertise in global riskframeworks and SEC-compliant reporting will strengthen Voyageur'sgovernance structures, ensuring compliance with U.S. Sarbanes-Oxleyrequirements and robust risk modeling.

These strategic additions to the board of directors ofthe Company align with Voyageur's vision of building the firstcontrast media company to have a secure supply chain of domesticallyproduced products ensuring long term supply chain security for theNorth American markets. The new directors join Voyageur as it advancesits final feasibility study for the Frances Creek Barium Contrastproject and the Oklahoma iodine feasibility study. Management believesVoyageur is on track to become the only vertically integratedradiology drug company globally, executing its unique "Earth toBottle" strategy to control costs throughout the supplychain.

The Company also announces that Agustin Gago hasresigned from Voyageur’s board of directors, as part of the boardrestructuring. Voyageur sincerely thanks Agustin for his years ofservice on the board of directors, and he will continue assistingVoyageur through his consulting company DASH Consulting LLC.

About Voyageur PharmaceuticalsLtd.

Voyageur, a Canadian public company trading under thesymbol VM on the on the TSX Venture Exchange, is in development ofbarium and iodine 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 salesby 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.

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 theBottle ," 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

This news release may containcertain forward-looking information and statements, including withoutlimitation, statements pertaining to: the Company obtaining allrequired regulatory approvals for the appointment of the two newdirectors; the Company's expectation regarding the benefits ofits vertically integrated model; the Company's plans to expandits US operations over the course of the following months and years;the Company's belief that it can become one of the first tooperate a fully-integrated iodine-based and barium-basedpharmaceutical manufacturing platform;  the Company's aim tobecome a key player in the barium and iodine contrast markets; the Company's beliefthat the Frances Creek Project's mineral will replace the currentsynthetic products in the pharmaceutical marketplace with higherquality imaging products; and the Company's belief that it canensure quality and cost efficiency by controlling all primary inputcosts. All statementsincluded herein, other than statements of historical fact, areforward-looking information and such information involves variousrisks and uncertainties. There can be no assurance that such information will proveto be accurate, and actual results and future events could differmaterially from those anticipated in such information. A descriptionof assumptions used to develop such forward-looking information and adescription of risk factors that may cause actual results to differmaterially from forward-looking information can be found in theCompany'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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