Voyageur Pharmaceuticals Ltd. announced that it has initiated its marketing campaign to introduce SmoothXTM barium sulfate CT contrast media, to the CT Imaging market in Canada. SmoothX is a generic oral barium sulfate contrast media product, designed to assist in diagnosing disease using computed tomography (CT) scans. It works by coating the gastrointestinal track with barium sulfate, so that diseased or damaged areas become visible by the CT scan.

The Company continues to build out its full integration strategy for the diagnostic imaging market. Voyageur has completed the design of its Frances Creek barium processing facility and initiated a notice of work for the intent to extract 2,000 tonnes from the Frances Creek (FC) high grade barium sulfate project, in 2023, with full scale quarry mining planned in 2024 pending approval of the quarry permit. The Frances Creek property contains an indicated resource of 214,800 tonnes grading 35.2% BaSO4 and an inferred resource of 134,200 tonnes of 33.9% BaSO4.

The grade of the barium sulfate is very rare, high purity and is suitable for the radiology pharmaceutical industry. By selling the barium sulfate as contrast media, Voyageur expects to achieve high gross margins, which is verified in a preliminary economic assessment (PEA) by SGS Canada Inc. Barium sulfate is a critical strategic mineral and natural sources of pharmaceutical grade barium are no longer available in the market. Based on Voyageur's attempts to source natural active pharmaceutical ingredients (API) grade barium sulfate from the USA, China, and Europe, Voyageur has confirmed that it owns the only natural occurring pharmaceutical grade barium project in the world, that is ready to move towards production.

All current sources of pharmaceutical grade barium sulfate are expensive man-made synthetic products. With increased geopolitical issues and an ongoing supply chain crisis, Voyageur is positioning itself to be the only fully integrated radiology drug company in the industry, creating a North American secure supply chain to ensure low-cost contrast media pharmaceuticals are available to meet future healthcare demands. Voyageur has successfully achieved several critical milestones that support advancement of the project towards production and generation of positive cash flow: 1. The launch of a marketing and sales campaign for its generic contrast media smoothie line, currently being produced by a third-party manufacturing company.

2. Completion of design of a pharmaceutical processing plant to manufacture pharmaceutical grade barium sulfate from FC and manufacture iodine contrast from imported iodine active pharmaceutical ingredients. 3. Completion of preliminary economic assessment by SGS Canada Inc., resulting in a $344M NPV with 137% IRR and 75% gross margins on the Frances Creek project. 4. Submission of notice of work for the extraction of 2,000 tonnes from the Frances Creek project, which is planned for 2023.

5. Implementation of a carbon neutral strategy to decarbonize the project from the mine to the manufacturing plant utilising Rain Cage Carbon Inc.'s carbon capture technology. The Company has signed a memorandum of understanding with Rain Cage Carbon Inc.