Independent laboratory testing has confirmed that Voyageur Pharmaceuticals Ltd.'s barium sulfate active pharmaceutical ingredient sourced from its Frances Creek property in British Columbia exceeds pharmaceutical-grade purity requirements. SGS Laboratories in Mississauga, Ontario reported assay results ranging from 98.1% to 99.4% across multiple samples, with an average grade of 98.8% BaSO4, surpassing the United States Pharmacopeia monograph requirement of 97.5%. All samples passed the complete suite of USP tests including identification, pH, loss on drying, limit of soluble barium salts, acid-soluble substances, sulfides, and microbiological requirements.
The processed barite achieved 1-micron and 10-micron particle sizes through pharmaceutical-grade micronizing equipment at Sturtevant Inc., with d50 values of 1.1-1.9 µm and d90 values as low as 2.5 µm under optimal conditions. All micronized samples met USP particle size and performance criteria while exhibiting good flowability, 100% yield, and no discoloration or contamination. The barium sulfate underwent a controlled acid-wash procedure developed and executed in a cGMP-compliant environment at SGS, with final processing and packaging completed under full Good Manufacturing Practices.
With these results, Voyageur advances to stage two of the Alberta Innovates AICE-Market Access Program, following completion of manufacturing barium contrast agents for an upcoming clinical trial designed by Chief Scientific Officer Dr. Iryna Saranchova in accordance with Health Canada standards and internationally recognized regulatory requirements. The clinical trial will compare Voyageur's contrasts with current commercially available standard-of-care options for gastrointestinal Computed Tomography and fluoroscopic imaging applications, evaluating investigational agents against both barium-based and iodinated oral contrasts.
Successful study outcomes are expected to validate clinical performance of Voyageur's developing imaging contrasts, strengthen regulatory positioning, and accelerate progress toward market adoption. Full study completion is targeted for the fourth quarter of 2026, with clinical trial results being pivotal for marketing and enhancing the Company's FDA licensing applications beginning in the first quarter of 2026. The results will also contribute to prefeasibility and final feasibility studies for the Frances Creek project expected by the fourth quarter of 2026.
CEO Brent Willis stated that the results represent a major de-risking milestone, bringing the company closer to a fully integrated, secure, and cost-effective North American supply chain for barium contrast media. By developing this domestic resource, Voyageur is building a supply chain from quarry to finished contrast media, reducing reliance on imported or synthetic materials while improving cost efficiency and supply reliability for hospitals and patients. The company's approach aims to replace current synthetic products with higher quality, lower cost imaging products from natural sources.
Separately, Voyageur announced it has issued 378,651 Deferred Share Units to directors and a consultant pursuant to its fixed 10% equity incentive compensation plan, with each DSU having a starting value equal to approximately $0.17573 based on weighted average share prices for quarters ended September 30, 2025 and December 31, 2025. The company also granted 4,300,000 stock options to directors and officers, with 1,075,000 options vesting immediately and the remainder subject to time-based vesting terms, exercisable at $0.1125 per share for 10 years. Additionally, options to purchase 500,000 common shares at $0.18 per share were granted to a contractor, vesting fully on January 11, 2027.
Voyageur further announced a proposed issuance of securities for debt, subject to TSX Venture Exchange approval, intending to issue units comprising one common share and one warrant at a deemed price of $0.1125 to settle $100,000 in debt incurred for financial advisory services. Each warrant would be exercisable at $0.15 for five years from the issuance date. All securities issued through these corporate actions are subject to standard hold periods and exchange approvals.
