Voyageur Pharmaceuticals Ltd. (TSX-V: VM) announced on June 10, 2026, the submission of a Multi-Year Area-Based (MYAB) Notice of Work (NoW) application to the British Columbia Ministry of Mining and Critical Minerals for its Frances Creek barite project. The application seeks authorization for a five-year advanced exploration program on a 76.8-hectare area within mineral claims 571267, 1054177, and 1031568.
The proposed program includes exploration trenching, access trail development, construction of a processing area, and development of a mine rock storage facility, all primarily on previously disturbed forestry land. A comprehensive package of technical studies was submitted, including terrain stability assessment, acid rock drainage and metal leachate assessment, soil surveys, archaeological assessment, and management plans for dust, weeds, and emergency response.
The Year 1 program involves a planned extraction of 2,000 tonnes of high-grade barite ore (specific gravity 4.5) hosted in dolomite (specific gravity 2.9), comprising 1,000 tonnes from the A Zone and 1,000 tonnes from the B Zone. This extraction is within the annual limit of 1,000 tonnes ore per cell under the Mineral Tenure Act regulations. The barite will be extracted via exploration trenches and processed on site using dry densimetric technology to produce an initial concentrate, which will be shipped to the Company’s future facility for a US Pharmacopeia (USP) barium upgrading plant. The material will be used to design, test, and validate Voyageur’s proprietary concentration and acid leach process to meet USP specifications for pharmaceutical-grade barium contrast agents.
The application also includes a geotechnical drilling program to provide rock mechanics and slope stability data required to finalize quarry pit wall designs and waste rock storage facility configurations. This information is the primary remaining data requirement to complete a NI 43-101 Final Feasibility Study, building on the Company’s 2022 Preliminary Economic Assessment (PEA) and the Pre-Feasibility Study currently in progress.
Brent Willis, CEO of Voyageur Pharmaceuticals, stated: “This Notice of Work submission is a significant de-risking milestone. The Year 1 test extraction will generate the material required to advance process development and validation at our pilot plant in support of a future full-scale pharmaceutical API facility. The accompanying geotechnical program will enable us to progress the project to Final Feasibility Study level.”
The project hosts an indicated and inferred mineral resource of 132,000 tonnes of pharmaceutical grade barium sulfate, forming a cornerstone of the Company’s strategy to establish a fully vertically integrated barium contrast media supply chain. Recent testing confirms the Frances Creek barite purity exceeds Pharmaceutical Grade (97.5%), with an average grade 98.8% BaSO4 (see news release dated March 3, 2026).
The NI 43-101 Preliminary Economic Assessment dated February 22, 2022, outlined a low-cost open-pit development scenario focused on high-value pharmaceutical applications. Base case economics at an 8% discount rate include an initial 10-year project horizon, total capital required over 3 years of $36 million, equipment delivery and installation of 24 months, payback period after start of production of 11 months, and average operating gross margins of ~75%. Recent market observations indicate that costs for imported pharmaceutical-grade barite have increased significantly compared to the PEA assumptions, which may positively influence updated project economics.
All proposed activities will be conducted in accordance with the Mines Act, the Health, Safety and Reclamation Code for Mines in British Columbia, and applicable provisions of the Mineral Tenure Act regulations. The program is designed to be low-impact, with progressive reclamation planned upon completion of exploration activities.
This disclosure has been reviewed and approved by Bradley Willis, P.Eng, a non-independent Qualified Person as defined by NI 43-101.
