Voyageur Pharmaceuticals Grants Deferred Share Units and Options and Accelerates Expiry Date of Warrants

(TheNewswire)

Calgary, Canada – TheNewswire – July 14, 2025 -
Voyageur Pharmaceuticals Ltd. (TSX.V: VM) (OTC: VYYRF)
("Voyageur" or the "Corporation"), a provider of
innovative medical imaging solutions, announces that it has issued
128,418 Deferred Share Units ("DSUs") to directors of the
Corporation pursuant to its fixed 10% equity incentive compensation
plan (the "Plan").  Each DSU represents a right of the
holder to receive one common share ("Common Share") of the
Corporation effective as of the date that the holder ceases service as
a director of the Company. The DSUs are used to compensate directors
of the Corporation for their annual retainers and are issued quarterly
using a deemed value that is equal to the weighted average share price
during that quarter. The DSUs do not have an exercise price but in
respect of the 128,418 DSUs being granted have a starting value equal
to approximately $0.21126 per DSU, based on the weighted average share
price for the quarter ended June 30, 2025.

The Corporation also announces that it has granted
100,000 stock options ("Options") to a director of the
Corporation. The Options vest immediately and are exercisable into
Common Shares at an exercise price of $0.195 per share for a period of
10 years. The DSUs and Options are subject to the terms of the Plan
and the Stock Option Plan of the Corporation, respectively, and the
policies of the TSX Venture Exchange (the "Exchange") and
are subject to Exchange approval.  The DSUs, Options and any Common
Shares issued pursuant to the exercise of the DSUs and Options are
subject to a four month hold in accordance with the policies of the
Exchange.

In addition to the DSUs and Options granted to the
directors, Voyageur also announces that it has granted Options to
purchase 500,000 Common Shares at $0.26 per share to a contractor
expiring July 10, 2029.

Finally, pursuant to the terms of warrant certificates
dated December 3 and 18, 2024, the Corporation has triggered the
acceleration clause so that the remaining 13,782,345 warrants
exercisable at $0.10 per share expire at 4:00 pm MDT on August 18,
2025.

About Voyageur Pharmaceuticals
Ltd.

Voyageur, a Canadian public company trading under the
symbol VM on the Exchange, is in development of barium and iodine
Active Pharmaceutical Ingredients (API) that offer high-performance
and cost-effective imaging contrast agents. With a strategic focus on
vertically integrating the barium and iodine contrast markets,
Voyageur aims to become a key player by producing its own barium and
iodine. In addition, Voyageur is pursuing the development of new endo
fullerene drugs.

Voyageur's business plan is set to generate cash flow
by partnering with established third-party GMP pharmaceutical
manufacturers in Canada thereby ensuring the validation of its
products by regulatory agencies worldwide. As Voyageur solidifies its
presence in the market, it plans to transition into a high-margin
domestic manufacturer of radiology drugs.

Voyageur is committed to sustainability and
environmental stewardship. Voyageur envisions a future where reducing
carbon emissions is the norm, and to achieve this, it intends to build
state-of-the-art carbon-capture infrastructure
utilising the Rain Cage EDENTM system. By
investing in carbon capture energy sources and sustainable
manufacturing practices, Voyageur aims to generate revenue from carbon
captured “advanced carbon production”. Voyageur believes its
unwavering commitment to the environment sets it apart as a pioneer in
the industry.

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 almost
entirely synthetically produced resulting in a less effective imaging
quality product. Voyageur’s Frances Creek resource boasts a rare and
exceptional grade mineral suitable for the pharmaceutical marketplace
that Voyageur believes will replace the current synthetic products
with higher quality imaging products.

Voyageur's ambitious vision is to become the first
vertically integrated company in the radiology contrast media drug
market. By controlling all primary input costs, from the sourcing of
raw materials to final production, Voyageur believes it can ensure
quality and cost efficiency. With its approach, it embodies the motto
of "From the Earth to the
Bottle," highlighting Voyageur's commitment
to responsible sourcing and manufacturing practices.

For Further Information:

Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
news release.

Cautionary Statement Regarding “Forward-Looking”
Information

This
news release may contain certain forward-looking information and
statements, including without limitation, statements pertaining to:
approval by the Exchange for the DSU and Option grants; Voyageur's
business plans, development of carbon neutral infrastructure,
obtaining carbon neutrality, and other statements pertaining to the
business of Voyageur and the perceived benefits to Voyageur from
certain business plans. All statements included herein, other than
statements of historical fact, are forward-looking information and
such information involves various risks and uncertainties. There can
be no assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in the Company's disclosure
documents on the SEDAR+ website at www.sedarplus.ca. Voyageur does not
undertake to update any forward-looking information except in
accordance with applicable securities laws.

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