New Research on Voyageur Pharmaceuticals Ltd. (VM-TSXV / VYYRF-PINK)

A new Executive Informational Overview (EIO) is now available on Voyageur Pharmaceuticals Ltd., a Canadian company developing contrast media for diagnostic imaging. Using barite from its Frances Creek deposit and a vertically integrated model, the Company aims to lower costs, secure supply, and expand beyond barium into iodine-based products. This 40-page report explores Voyageur's business model, growth strategy, market opportunity, competitive landscape, and key risks. Download the full report below.

Snapshot

Voyageur Pharmaceuticals Ltd. (“Voyageur” or “the Company”) is a Canadian specialty pharmaceutical company developing and commercializing high-performance contrast media† for diagnostic imaging. With full vertical integration—from raw material extraction to finished product manufacturing—the Company controls its supply chain, giving it cost and reliability advantages in a market facing global shortages and rising input costs. Voyageur’s core operations, which have been initiated, center on pharmaceutical-grade barite from its Frances Creek deposit in British Columbia, which is used to produce barium contrast agents for gastrointestinal (GI) imaging. Using third party manufacturing and imported barite, the Company has launched multiple Health Canada-approved products, including SmoothX®, SmoothHD®, SmoothLD®, VisionHD®, and VisionLD®, with international distribution contracts under development. Beyond barium, Voyageur is advancing iodine-based contrast agents and its own iodine Active Pharmaceutical Ingredient (API) to enable full integration in iodine manufacturing. The Company expects to advance iodine brine resources as part of a large Oklahoma/Texas manufacturing hub. Voyageur owns two other mineral assets with spinout potential—Jubilee Mountain (zinc-copper-silver-lead) and the ULI Project in Utah (lithium, iodine-, bromine-, and magnesium-rich brines). Backed by an experienced leadership team and a top-tier scientific advisory board, the Company is pursuing a regulatory strategy designed to minimize risk across Canada, the U.S., and Europe and is well positioned for growth in a global imaging market valued at $6.3 billion and projected to reach $12.6 billion by 2032.

Key Points of Voyageur Pharmaceuticals Ltd.

• Controls Key Raw Materials. Voyageur owns and controls its own sources of pharmaceutical-grade barium and iodine—two critical ingredients in diagnostic imaging—providing rare supply chain independence in a market disrupted by global shortages.
  
  
• High-Value Economics. The Company’s Frances Creek project has the potential to meet global barium contrast demands for 50+ years. A 2022 Preliminary Economic Assessment (PEA) confirmed strong economics, with a C$344 million NPV and 137% IRR, and projected raw material production costs up to 10x lower than imports.
  
  
• Secured Supply Chain. Owning key mineral resources ensures 70%+ margins and a stable North American supply chain.
  
  
• First Commercial Shipments. On August 21, 2025, Voyageur completed the first commercial delivery of its full suite of Health Canada-approved barium contrast products to a leading Canadian radiology provider.
  
  
• Experienced Leadership. CEO Brent Willis and the executive team bring expertise in pharmaceuticals, regulation, and resource development, with proven success in product development and capital markets.
  
  
• Financial Position. As of August 2025, Voyageur held approximately C$0.7 million in cash with minimal debt, providing the financial flexibility to support near-term commercialization and future growth.
   

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Earth to the Bottle: How One Company Is Breaking the $6 Billion Diagnostic Imaging Supply Chain Monopoly

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