Dear Voyageur Investor,

Message from CEO, Mr. Brent Willis, Voyageur Pharmaceuticals Ltd. (“Voyageur”) or (“the Company”) – Having worked for over 30 years in the Barium space, one important fact stands out to me. In order to make a high grade (Pharmaceutical) deposit successful, a company must sell the mineral in its final form to the end user. This strategy eliminates all middlemen in the supply chain and reduces overall costs. Once this is accomplished, the company will receive the highest profit margin possible for that pharma mineral. This increases the profitability of the project and increases the asset value of the mine. This is the key aspect every investor looks for in a good company.

Voyageur has taken the steps to realize the highest margin possible on our Frances Creek barium sulfate deposit. Selling the Frances Creek barium sulfate into the pharmaceutical industry – directly to the end user – will create substantial cash flow … based on a small mine production.

When we started down the road of entering the pharmaceutical industry, we where presented with a few major challenges. One of the challenges, at our early stage, was how to finance and build an expensive Health Canada/FDA/GMP (Good Manufacturing Practices) approved pharmaceutical plant?  This is significant.  These plants are highly regulated and require investments in the ten’s of millions of dollars – and often much more.

We resolved this problem by finding a joint venture partner, Chief Medical Supply Ltd. (“Chief”.)  Chief is a very large and experienced Canadian pharmaceutical manufacturing company. Chief has two facilities, a 33,000 square-foot plant in Calgary, Alberta and a approximately a 90,000 square-foot facility in Mississauga, Ontario. They currently manufacture multiple drugs and products for the human and animal health care markets. This also resolved another key issue of, increasing the expertise level in our company to navigate the pharmaceutical industry we decided to enter.

Voyageur and Chief created ImagingX Pharmaceuticals (IXP), a 50:50 revenue splitting joint venture company. Voyageur is responsible for providing the mineral ingredients for barium and iodine radiopharmaceuticals – which are used for MRI, X-ray and CT scan applications – Chief is responsible for formulation and manufacturing.

IXP distributes and sells the product to market. IXP then splits the revenue generated 50%:50% to Voyageur and Chief. By joining forces, IXP can create low cost products and is poised to become a major competitor in this market.

As we continued to research and expand our knowledge in this niche market, we realised that one competing company, who has secured a largest market share, achieved massive success using or combining barite and iodine together with their marketing strategies.

Few people know that Iodinated contrast is the highest consumed pharmaceutical product in the health care industry – even moreso than aspirin or ibuprofen.  The entire market value of the contrast market has been pegged at US$7,000,000,000*, with iodine as the largest segment of this market. This competing company is the largest supplier of barium contrast in the world.

They use their barium sulfate as a highly profitable loss leader to secure large combined barium/iodine contrast contracts in the hundreds of millions of dollars. This company achieved this by mining their own barium sulfate from a mine in Canada. That mine ran out of reserves and they now rely on imports or by the creation of a very expensive synthetic alternative called Blanc Fixe – a product produced in a lab.

NOTE: Today, in this industry, no other pharmaceutical company owns their own source of barium or iodine. (*source: Genus Medical Technologies)

This is how Voyageur`s strategy was born, FROM THE EARTH TO THE BOTTLE, supplying IXP with barium sulfate from Voyageur`s BC property and iodine from Voyageur`s Utah subterranean mineral brines.

Upon successful implementation of our strategy, IXP will be the only company competing in this space that has full control of our supply and full control of all our cost inputs for our ingredients and manufacturing. This strategy will allow for strong growth into this exciting sector of the pharmaceutical market.

I hope investors will join us on our road to growth and prosperity. We have a formula for success and we have begun to take the steps to accomplish our goals and we continue to move our company forward towards a very bright and profitable future.

Thank you,

Brent Willis, CEO

I invite you to connect with Steve Livingston (below) for continued information and discussion.

Mr. Steven Livingston
V.P. Finance

Office:    + 587 779 6166
Cell/Txt: +403 471 1659

Email: info@voyageurminerals.ca  or steve@voyageurminerals.ca

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