Ms. Cynthia Le Sueur-Aquin reports

LAURION ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT OF FLOW-THROUGH SHARES

Laurion Mineral Exploration Inc. has proposed to complete a flow-through private placement on a non-brokered basis. The corporation intends to raise up to approximately $1.7-million in gross proceeds by issuing up to approximately 3,777,778 flow-through shares at a price of 45 cents per flow-through share.

Each flow-through share will be a common share of the corporation issued as a flow-through share (as defined in Subsection 66(15) of the Income Tax Act (Canada)). The gross proceeds will be used for Canadian exploration expenses (within the meaning of the tax act), which will qualify, once renounced, as flow-through mining expenditures, as defined in the tax act, which will be renounced with an effective date of no later than Dec. 31, 2024 (provided the subscriber deals at arm's length with the corporation at all relevant times) to the initial purchasers of flow-through shares in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through shares.

As at the date hereof, the corporation has accepted subscription agreements for the private placement in aggregate gross proceeds of approximately $1.67-million.

In connection with the private placement, the corporation may pay finders' fees in the form of cash commissions.

The closing of the private placement as well as the payment of finders' fees in connection therewith are subject to the final approval of the TSX Venture Exchange. The corporation intends to close the private placement on or about April 12, 2024, subject to receipt of all necessary regulatory approvals. All securities issued pursuant to the private placement will be subject to, among other things, a hold period of four months and one day in accordance with applicable Canadian securities laws.

Further to its news releases dated Aug. 24, 2023, and Nov. 14, 2023, Laurion is also pleased to announce that its strategic partnership with U.S. Capital Global Partners LLC is advancing smoothly, with the due diligence process on the corporation and its activities nearing completion, subsequent to the delivery of Laurion's National Instrument 43-101 compliant technical report on the Ishkoday project, which was announced and filed under the corporation's profile on SEDAR+ on Feb. 15, 2024. This collaboration with U.S. Capital Global was initiated with the primary aim of exploring opportunities and potential transactions that may offer strategic benefits to the corporation and its stakeholders.

Laurion's aim in finalizing the private placement is to fortify the corporation's treasury, enabling the fulfilment of its exploration objectives over the next 18 to 24 months. Moreover, it is expected to serve as a signal to U.S. Capital Global and potential buyers (see Laurion's news release dated Nov. 14, 2023) that the corporation's exploration and development strategy is robust and steadfast.

About Laurion Mineral Exploration Inc.

The corporation is a junior mineral exploration and development company listed on the TSX-V under the symbol LME and on the OTC (over-the-counter) market under the symbol LMEFF. Laurion now has 263,346,102 outstanding shares, of which approximately 72 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, 57.43-square-kilometre Ishkoday project, and its gold-rich polymetallic mineralization.

Laurion's chief priority remains maximizing shareholder value while simultaneously embracing and considering the principles and best practices of environmental, social and corporate governance (ESG) issues. A large portion of the corporation's focus in this regard falls within the ambit of its mineral exploration activities and, more specifically, advancing the Ishkoday project.

We seek Safe Harbor.