Laurion Announces Amendment to Option Arrangement FOR Midlothian Property

LAURION ANNOUNCES AMENDMENT TO OPTION ARRANGEMENT FOR

MIDLOTHIAN PROPERTY

TORONTO, ONTARIO (November 23 , 2021) – LAURION Mineral Exploration Inc. (TSX.V:

LME and OTCPINK: LMEFF) (“LAURION” or the “Corporation”) today annou nced that it

has entered into an agreement with Canadian Gold Miner Corp. (“ CGM”) and

Canada Nickel Company Inc. (“ Canada Nickel ”) whereby LAURION and CGM have

agreed to grant Canada Nickel an option to acquire a 100% undivided interest in and

to the Midlothian Property (as defined below).

LAURION and CGM entered into a joint venture agreement on July 25, 2019 (the “ Joint

Venture”) for the purposes of extending the parties’ prior arrangements regarding an

early stage exploration project located 80 km west -southwest of Kirkland Lak e, Ontario

and 25 km west -southwest of Matachewan, Ontario (the “ Midlothian Property ”). The

principal purpose of the arrangement was to advance the development of any

commercially exploitable ore body on the Midlothian Property. Under the terms of the

Joint Venture, CGM was appointed as the operator owning a 70% interest, while

LAURION retained a 30% interest in the mining claims.

On November 19, 2021, LAURION and CGM entered into an agreement with Canada

Nickel whereby Canada Nickel acquired the irrevocabl e right and option to acquire a

100% undivided interest in and to the Midlothian Property. In exchange for the option,

Canada Nickel made an up -front cash payment of $50,000 and issued 100,000

common shares in the capital of Canada Nickel. In order to earn a 100% interest in the

Midlothian Property, Canada Nickel must complete, pay or issue (as applicable) the

following:

a) an exploration program on the Midlothian Property having a cumulative value of

$2.5 million (within four years), including first-year expenditures of $500,000; and

b) additional cash payments and share issuances totaling $1 million and 35 0,000

shares, respectively, comprised of the following:

i. $100,000 and 35,000 shares (within 18 months);

ii. $200,000 and 70,000 shares (within 27 months);

iii. $300,000 and 105,000 shares (within three years); and

iv. $400,000 and 140,000 shares (within four years).

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LAURION and CGM will retain a net smelter returns royalty of 4.00% for gold and 2.00%

for nickel with a commercial production payment of $4.0 million.

LAURION’s President and Chief Executive Officer, Cynthia Le Sueur -Aquin, states: “The

inclusion of Canada Nickel to our arrangement with CGM is a positive development for

the project located on the Midlothian Property. By granting an option to Canada

Nickel, LAURION aims to continue to realize value on the property and create value for

its stakeholders through the efforts of both CGM and Canada Nickel, without any

significant cash commitments by LAURION.”

Canada Nickel’s stated focus is to advance the next generation of high quality, high

potential nickel -cobalt projects to deliver the metals needed to power the electric

vehicle revolution and feed the high growth stainless steel market. (See Canadian

Nickel’s press release dated November 22, 2021.)

About LAURION Mineral Exploration Inc.

The Corporation is a junior mineral exploration and development company listed on the

TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION now

has 242,565,253 outstanding shares of which approximately 81% are owned and

controlled by Insiders who are eligible investors under the “Friends and Family”

categories. LAURION's emphasis is on the development of its f lagship project, the 100%

owned mid-stage 47 km2 Ishkoday Project, and its gold -silver and gold-rich polymetallic

mineralization with a significant upside potential. Th e mineralization on Ishkoday is open

at depth beyond the current core -drilling limit of -200 m from surface, based on the

historical mining to a -685 m depth, in the past producing Sturgeon River Mine. The

Brenbar Property, which was acquired in 2020 and is contigu ous with the Ishkoday

Property, hosts the historic Brenbar Mine. LAURION believes the mineralization to be a

direct extension of mineralization from the Ishkoday Property.

FOR FURTHER INFORMATION, CONTACT:

LAURION Mineral Exploration Inc.

Cynthia Le Sueur-Aquin – President and CEO

Tel: 1-705-788-9186

Fax: 1-705-805-9256

Website: http://www.LAURION .ca

Follow us on Twitter: @LAURION_LME

Caution Regarding Forward-Looking Information

This press release contains forward -looking statements, which reflect the Corporation’s current

expectations regarding future events, including with respect to LAURION’s business, operations

and condition, LAURION’s and Canada Nickel’s objectives, strategies, beliefs and intentions,

statements regarding the Midlothian Property and the 4.0% net smelter royalty, and the ability of

Canada Nickel to complete the option milestones and commitments, as contemplated by the

new Midlothian agreement . The forward -looking statements involve risks and uncertainties.

Actual events could differ materially from those projected herein. Investors should consult the

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Corporation’s ongoing quar terly and annual filings, as well as any other additional

documentation comprising the Corporation’s public disclosure record, for additional information

on risks and uncertainties relating to these forward -looking statements. The reader is cautioned

not t o rely on these forward -looking statements. Subject to applicable law, the Corporation

disclaims any obligation to update these forward-looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS

DEFINED IN TH E POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE

ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.