 Hi, this is Jack Lipton, and this is an investor in Intel interview with Brent Willis, the CEO of Voyageur Pharmaceutical. Is that a correct pronunciation? Okay. And just to say in the beginning, before I ask you any questions, I really think that you've got a very good business model. I wish I'd thought of it years ago. In any case, first give us a synopsis of what your company does, and then I'm going to ask you some questions. Sure. We transformed ourselves from a mineral exploration company to, after discovering a very pure deposit of barium sulfate in BC, Canada to a pharmaceutical company. And what we realize that is based on the markets that we're looking at penetrating, if we can fully integrate the space, we can become extremely competitive in that space. So we're focused on drugs for the radiology industry for barium contrast is used for x-rays and CT scans. And we're also developing iodine as well. And our motto is from the earth to the bottle, fully integrating the pharmaceutical space with minerals for our products, which no one else has done in this space. So we think it's going to give us a very competitive advantage, but we forward. Thank you. Let me just tell the audience something. Everyone I think that's watching this has had an x-ray and probably today an MRI or things like that. And you probably never thought of what are they looking at? Not what they're looking for. What are they looking at? Well, your bones are calcium and somberium material and they stop x-rays. So you can see them, but your soft tissue doesn't. So the century ago, physicians figured out they had to decorate these soft tissues without killing you. So they could see from the pattern of material deposit in the soft tissue what the soft tissue looked like, looking for tumors and tears and things like that. Well, they came up, they needed something that was non-toxic. And they finally came up with the chemical compound barium sulfate. And I'm sure that almost all of our viewers have heard the graded term barium enema. But in any case, it means that they use this material, barium sulfate, something found in nature, highly purified, to decorate your tissues so they can see them with x-rays and MRI. Now, typically this material has been available for a long time and it's used as a filler in adhesives and paints and things like that. But in order to use it medically, it has to be extremely pure. And the best way for that is to start out with a deposit of it in nature that's highly pure because purification is expensive. However, pure materials are therefore expensive. And I did not know anyone in North America who was doing this. I know that we import this, the medical material from China. And so Brent, can you tell us the markets you're looking at and how much material you're producing, plan to produce, and what you think your penetration of that market will be? And let me point out you're a domestic supplier, domestic North American supplier. Are you the first? No, we're just repeating a business model by a company called EZEN Canada who took a depleted deposit that was used for oil field drilling out in Nova Scotia. And they took that and they created a high purity barium sulfate for contrast. And they actually built up a very strong business and began to monopolize the North American market. They were bought out by Braco diagnostics who now have a monopoly in this market. So we have one major competitor that we're going up against as we launch into this. And our current market studies, just for one product alone that we're, we did a marketing study and to determine what market should we penetrate first and we decided that it should be the CT abdominal scan market where currently about $75 million a year in the US is being consumed. And that market is actually about $188 million with iodine as the other oral product that's used. So we're moving forward on developing better contrast products that we hope to displace the iodine side of this market as well. So as far as mining goes, it's very simple. This is a hydrothermal vein that's on surface that runs up the side of a mountain and we've drilled it to a maximum depth of 90 meters, average depth 50 meters that we've drilled. We've only drilled on 220 meters of 700 meters of strike that we have to date. And we've proven that just a resource of approximately over 130,000 tons of measured and indicated, sorry, indicated and inferred. So we have a preliminary economic assessment ongoing with SGS Minerals Canada or sorry, SGS Canada who will be presenting that here in the coming month. We should have our PEA completed. And from that, we're going to move forward on building our plants and getting into production. You're going to be producing medical items. You're going to need approval by the health authorities in the various countries. Have you begun that process? Yeah, we've developed five products all have been approved by Health Canada. There was a delay on moving forward into the US market with the FDA because there was a lawsuit. Barium sulfate has been regulated as a drug and the lawsuit that has changed to being regulated as a device. So we are currently working with the FDA right now and we are going to determine with them what classification of device it will be. We're trying to move forward with it as a 510K but all of that is coming together. The FDA, you know, they have a mandate to break up monopolies. So they are moving forward with us to try to get us into the market and lower our cost to get into market. So you're saying that at the present time there's just one supplier in the market? There's one supplier in North America. There's a few others that sell barium sulfates and there's only one supplier of natural occurring barium for pharmaceutical barium sulfate and that's out of China. So everyone else is using what is called blank picks which is an expensive chemically synthetically made product. And that's a point I think that our viewers have to know. Barium sulfate used in commercial applications as an additive is not very expensive. What's the difference in selling price and cost between material for medical use and let's say industrial use? Well, a lower-end industrial barium sulfate would be approximately around $500 to $700 a ton and pharmaceutical is roughly, you know, FOB over in China would be between $3,000 and $4,000 a ton. But with freight rates right now it's, you know, you've got to add on another anywhere from $800 to $1,000 a ton just to get it across the ocean due to the supply constraints that's going on. Are there any tariffs assessed against Chinese products in Canada or the US? No, I do not believe so. Do you plan to service just the North American market? No, currently we are working on, as we move forward with our FDA application, we're using this application working with a few consulting companies and we're also at the same time creating a massive drug file for the EU. It is regulated differently over there. So each country regulates things differently. Like in Canada it's regulated as a health supplement type of product. Is your purification process proprietary, patentable, or is it pretty much standard? It's fairly standard. We are doing some tweaks to it. We're going to see if we can't create a patent around it, but that's going to take some time. We're going to build our plant first and, you know, as most people understand that doing a bench scale test is one thing. Once we get into building our plant, we're going to do some tweaking and see what we can do to really see if we can create some really special products from there. Are you going to build a manufacturing plant in Canada? That's our plan right now. It makes sense to, you know, we're based in Calgary, so we'll probably build it in Calgary. So we're hands-on. My brother and I, we've been in this business for over 30 years and we've managed and we've rebuilt plants and we have a lot of experience processing barium sulfate. So we're going to be hands-on trying to tweak this into a real special product. Well, I think you're really onto something, quite frankly. And what you, I don't want to use a bad analogy, but let's say I think you picked a rose in a garden that, you know, needs weeding and it's amazing to me. I guess that the real key thing here is that you've discovered a serious barium sulfate deposit in British Columbia, correct? Yeah, people really need to understand how rare that is because barium sulfate is associated with base metals and it's extremely rare to find a deposit that doesn't have any metal contamination. So it's a very unique property. I agree with you. I've never heard of such a discovery in North America. So we wish you luck and I'd like you to keep in touch with us because I want to know how you're proceeding and how things are working with your company. Once again, Voyageur Pharmaceuticals, correct? That's right. Voyageur Pharmaceuticals. Thank you. Thank you, Brent. Thank you very much for your time.