Ms. Cynthia Le Sueur-Aquin reports

LAURION PROVIDES UPDATE ON CORPORATE ACTIVITIES AND STRATEGIC OBJECTIVES

Laurion Mineral Exploration Inc. has provided an update on its corporate activities and strategic objectives.

Laurion's primary focus is to identify and explore opportunities to maximize shareholder value, while simultaneously embracing and considering the principles and best practices of environmental, social and corporate governance (ESG) issues. A significant part of this objective revolves around the corporation's continued efforts to advance its flagship Ishkoday project. A consequence of Laurion's success and advancement over the past several years is that the corporation has become positioned as an acquisition target for appropriate potential acquirers.

Accordingly, on Aug. 24, 2023, the corporation announced the establishment of a special committee for the purpose of exploring opportunities and potential transactions that may be strategically beneficial to the corporation and its stakeholders. As part of this announcement, the corporation also announced its payment of a financial advisory fee to U.S. Capital Global Partners LLC in the amount of $250,000 (U.S.), in order to assist with this strategic review process. Since the announcement, U.S. Capital Global has progressed to the latter stages of its due diligence review process. Laurion remains confident that U.S. Capital Global is well-positioned to help identify and, if deemed appropriate by the special committee, unlock potential strategic alternatives and transactional opportunities for the corporation.

Against the backdrop of its recently completed, oversubscribed private placement of flow-through shares, Laurion continues to be well positioned to advance the Ishkoday project. The use of proceeds from the financing, which amount to approximately $2.88-million, will include activities that will support the preparation of a new technical report for the Ishkoday project. The new technical report is expected to be completed in 2024 and in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101). As stated in Laurion's news release dated Sept. 27, 2022, the corporation's board of directors believes that a new NI 43-101 technical report could serve as a cornerstone disclosure document that may potentially unlock, facilitate and support a prospective strategic transaction, while also consolidating all of the scientific and technical information regarding the Ishkoday project since April 23, 2013 (which is the effective date of Laurion's latest NI 43-101 technical report).

Laurion is committed to enhancing shareholder value and is looking at a variety of opportunities. The corporation remains open to pursuing an acquisition or other significant transaction if it would be in the best interests of Laurion and its stakeholders. The corporation's board of directors and management team remain dedicated to capitalizing on opportunities for all stakeholders. The corporation will promptly issue a news release when any material change occurs.

About Laurion Mineral Exploration Inc.

The corporation is a junior mineral exploration and development company listed on the TSX Venture Exchange under the symbol LME and on the OTC under the symbol LMEFF. Laurion now has 258,091,594 outstanding shares of which approximately 80 per cent are owned and controlled by insiders who are eligible investors under the friends and family categories.

Laurion's emphasis is on the exploration and development of its flagship project, the 100-per-cent-owned, mid-stage, 57-square-kilometre Ishkoday project, and its gold-rich polymetallic mineralization.

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