Ms. Cynthia Le Sueur-Aquin reports

LAURION ANNOUNCES FIRST TRANCHE CLOSING OF PRIVATE PLACEMENT OF FLOW-THROUGH UNITS AND NON FLOW-THROUGH SHARES

Laurion Mineral Exploration Inc. has closed the first tranche of its previously announced non-brokered private placement, consisting of flow-through (FT) units and non-flow-through (NFT) common shares of the corporation. Pursuant to the first tranche of the private placement, the corporation issued 3,576,946 FT units at a subscription price of 26 cents per FT unit, for aggregate gross proceeds to the corporation of approximately $930,006.

Each FT unit consists of one common share of the corporation and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one NFT share at a price of 35 cents per share for a period of 24 months from the date of issuance. The FT shares and warrants comprising the FT units qualify as flow-through shares, as defined in Subsection 66(15) of the Income Tax Act (Canada).

The gross proceeds of the private placement 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, 2026 (provided the subscriber deals at arm's length with the corporation at all relevant times), to the initial purchasers of FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT units. Laurion intends to allocate the gross proceeds from the issue of FT units to advance the corporation's 2026 drill program on the Ishkoday property.

"As Laurion's largest shareholder, I believe that closing this financing reflects the continued confidence of our investor community in our technical program and capital discipline," said Cynthia Le Sueur-Aquin, president and chief executive officer. "With drill crews on the ground at Ishkoday, every dollar raised goes directly toward building the geological value that our investors and I are equally committed to advancing."

In connection with the first tranche of the private placement, certain arm's-length finders received cash finderss commissions totalling $61,600.43 and an aggregate of 236,922 finders' warrants. Each finder's warrant entitles the holder thereof to acquire one NFT share at a price of 26 cents per share for a period of 24 months from the date of issuance.

Pursuant to applicable Canadian securities laws, all securities issued pursuant to the private placement are subject to a hold period of four months and one day from the applicable closing date (expiring on Oct. 13, 2026, for securities issued as part of the first tranche).

The closing of the second tranche of the private placement is anticipated to occur on or about June 18, 2026. In connection with the private placement, Laurion may issue FT units and NFT shares in an aggregate amount of up to approximately $1.0-million. The private placement remains subject to the final approval of the TSX Venture Exchange.

About Laurion Mineral Exploration Inc.

Laurion Mineral Exploration is listed on the TSX Venture Exchange (LME), OTC (LMEFF) and Frankfurt Stock Exchange (5YD), and is a mid-stage Canadian mineral exploration company, focused on advancing the 100-per-cent-owned Ishkoday gold and polymetallic project in Northern Ontario.

The Ishkoday project covers approximately 57 square kilometres (km) within the prolific Beardmore-Geraldton and Onaman-Tashota greenstone belts, and hosts a district-scale mineralized corridor extending more than six kilometres. Historical and modern exploration programs have completed over 98,000 metres of drilling, confirming a large and evolving gold-rich polymetallic mineral system.

Laurion's strategy emphasizes disciplined, data-driven exploration, systematic technical advancement, integrated geological modelling and responsible capital allocation. The corporation is focused on strengthening geological confidence, expanding the scale of the mineral system and positioning the project for a future National Instrument 43-101 mineral resource estimate (MRE). Laurion continues to evaluate opportunities that may enhance project development flexibility, including potential non-dilutive initiatives such as the evaluation of historical surface stockpile processing. The corporation's objective is to build technical clarity, scale and long-term project value before monetization, ensuring that future development decisions or strategic opportunities are supported by strong geological foundations and reduced execution risk.

Cynthia Le Sueur-Aquin, president and chief executive officer of Laurion, is the corporation's largest shareholder, holding 17,221,306 common shares, reflecting strong alignment between management and shareholders.

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