Investment Highlights for Voyageur Pharmaceuticals Ltd. VM (TSXV)/VYYRF (PINK)

Voyageur Pharmaceuticals Ltd.
Dome Tower 800, 333 7 Ave. S.W.
Calgary, Alberta T2P 2Z1
Phone: (877) 398-6866
https://voyageurpharmaceuticals.ca/

• First Vertically Integrated Radiology Drug Manufacturer in North America. Voyageur is positioned to become the only company in North America with direct ownership and control over the full contrast media supply chain—from mining of raw critical minerals to final drug formulation and packaging. Its model covers both barite (barium sulfate) and iodine, which are essential ingredients in diagnostic imaging agents.
  
  
• Strategic Ownership of a Critical Mineral. Barite has been designated a “Critical Mineral” by the U.S. Geological Survey, underscoring its strategic importance and fragile supply chain. This designation highlights both the economic value and national security relevance of barite, particularly in healthcare applications where consistent quality and availability are essential.
  
  
• Frances Creek: A World-Class Deposit with 50+ Years of Supply. Voyageur’s Frances Creek project in British Columbia contains a high-purity, in-situ pharmaceutical-grade barite deposit. The Company believes this one deposit can supply the entire North American target market for more than 50 years, at raw material production costs up to 10x lower than current imports. The asset was validated in a 2022 Preliminary Economic Assessment (PEA) with a C$344 million net present value (NPV) and 137% internal rate of return (IRR).
  
  
• Building Full Integration Beyond Barium. Voyageur is developing iodine-based contrast agents and a proprietary iodine API to achieve full vertical integration. The Company is also advancing iodine brine resources to anchor a planned manufacturing hub in Oklahoma and Texas.
  
  
• Hidden Asset Value and Spinout Potential. Voyageur owns two additional high-grade mineral projects: Jubilee Mountain (zinc-copper-barite) and the ULI Project (iodine-rich brine), creating additional shareholder value beyond its core contrast media business.
  
  
• Addressing Global Supply Chain Risk. The global supply of pharma-grade barite is severely constrained, with most material imported from China and India. This introduces political, quality, and trade-related risk. At the same time, growing demand for contrast media—driven by an aging population and rising CT/MRI scan volumes—is putting added pressure on a strained and unpredictable supply chain.
  
  
• Strong Margin Profile. By producing its own raw materials and eliminating the need for external sourcing, Voyageur is targeting gross margins in excess of 70% on product sales within 18 months of project financing.
  
  
• Positioned to Lead a Market in Transition. The radiology imaging market is in search of reliable, cost-effective alternatives to legacy suppliers. Clinics are increasingly frustrated by bundling practices and high costs, particularly from dominant companies such as Bracco Imaging. Voyageur offers a domestic, high-purity, cost-efficient alternative, with growing inbound interest from prospective customers.
  
  
• Compelling Valuation at a Key Inflection Point. With a market capitalization of approximately C$27 million and a regulatory strategy designed to minimize risk, Voyageur is well positioned to create significant value as it enters revenue generation in 2H 2025 and advances toward U.S. FDA product approvals.
  
  
• Experienced, Mission-Driven Management Team. Voyageur is led by a team with deep experience across pharmaceuticals, regulatory strategy, and resource development. CEO Brent Willis brings a multidisciplinary background in biotech and mineral exploration. The team’s track record includes product development, regulatory navigation, and capital markets execution, all essential for scaling a specialty pharma business.
  
  
• Scalable Commercial Pathway. Voyageur has strengthened its balance sheet with C$1.69 million in warrant proceeds, bringing the Company’s current cash position to ~C$0.7 million.