Corporate Presentation

FEBRUARY 2021

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CAUTIONARY STATEMENTS Disclaimer Certain statements contained in this presentation may constitute forward-looking statements. These statements relate to future events or Laurion's future performance. All statements, other than statements of historical fact, may be forward-looking statements. Forwardlooking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", “propose”, "potential", "targeting", "intend", "could", "might", "should", "believe", "budgeted", "scheduled", "forecasts", and similar expressions or variations (including negative variations). These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

Laurion believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon by investors as actual results may vary.

Forward-Looking Statements These forward-looking statements involve risks and uncertainties relating to, among other things, results of exploration activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, changes in commodity prices, actual performance of facilities, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. These statements speak only as of the date of this presentation and are expressly qualified, in their entirety, by this cautionary statement. Laurion undertakes no obligation to update any forward-looking statement or information to reflect information, events, results, circumstances or otherwise after the date of which such statement is made or to reflect the occurrence of unanticipated events, except as required by law.

This information contained in this presentation does not constitute a general offer to the public, or a general solicitation from the public of offers, to subscribe for or purchase any securities of the Company in the United States or Canada. This presentation has not been filed with the United States Securities and Exchange Commission, the Ontario Securities Commission or any other securities commission or regulatory authority in the United States or in Canada. No securities regulatory authority has expressed an opinion about the Company or its securities, or passed on the accuracy or adequacy of this presentation, and it is an offence to claim otherwise.

Focused Exploration with a History of Discoveries TSX.V: LME

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INVESTMENT HIGHLIGHTS ISHKODAY OFFERS SHORT-TERM TRANSFORMATIONAL OPPORTUNITIES WITH THE DEVELOPMENT OF REVENUE STREAMS, HOSTED WITHIN BULK GOLD AND GOLD/BASE METALS

2 PAST PRODUCING SHAFTS HIGH GRADE LODE GOLD

(17.0 G/T GOLD) – STURGEON RIVER (20G/T GOLD) - BRENBAR

SURFACE STOCKPILE

10,327OZ VALUED @ CDN$25.82M (US$1900/OZ)

MUTLTIPLE PRECIOUS AND BASE METAL SYSTEMS

NEAR SURFACE LODE GOLD, PLUS GOLD POLYMETALLIC VEINS (SILVER-COPPER-ZINC)

UNTAPPED AT AND NEAR SURFACE TARGETS (47KM²) SIGNIFICANT PRECIOUS, BASE METAL ENVIRONMENT

DISCIPLINED GROWTH STRATEGY

PROLIFIC REGION SAFE, MINING FRIENDLY CANADA TOP MINING JURISDICTION

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EXPLORATION PERMITS IN PLACE EXCELLENT COMMUNICATION WITH ABORIGINAL COMMUNITIES

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STRONG ESG PRACTICES RESPECTING THE NATURAL ENVIRONMENT

STRONG TECHNICAL MANAGEMENT FOCUSED ON DEFINING MAJOR DEPOSITS

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CORPORATE SUMMARY GEOGRAPHICAL DISTRIBUTION Ticker Symbol:

TSXV: LME I OTC PINK: LMEFF

Shares Outstanding:

202.6 million

Fully Diluted:

245.2 million

52-Week High/Low:

$0.24 - $0.090

CANADA

USA

FOREIGN

96% 4%

0.5% Recent Price:

$0.21

SHAREHOLDER DISTRIBUTION MANAGEMENT & 'FRIENDS AND FAMILY'

Stock Options:

8.6 million

Warrants:

33.9 million

Market Capitalization:

$42.5 million

* $ in Canadian dollars

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6%

INSTITUTIONAL

RETAIL

22%

72.%

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ACTUAL FLOAT OF 56.7 MILLION SHARES

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ISHKODAY OVERVIEW CLEAR AND DISCIPLINED GROWTH STRATEGY OWNERSHIP

• 100% Owned Mid-Stage Flagship Project • Approx. $14 mill. spent to date • 348 Drill Holes – 54,080 m (LME – 107 Drill Holes – 23,646 m

EXTENSIVE LAND PACKAGE

• • • •

INFRASTRUCTURE

47 km2 - Irwin, Walters, Elmhirst and Pifher Townships 22 mining leases (21 year) – 1,433 ha 29 Boundary and single cells – 3,200 ha 5 Boundary Cells – 64 ha

Geopolitically Favourable Environment Logistically Accommodative 28 km NE of the town of Beardmore Proximal Grid Power and Water Year-round exploration accessibility at reasonable cost • Proximal to infrastructure support and skilled labour force • • • • •

• • • •

PERMITTING

• Exploration Permits in Place • Advanced Exploration Permitting Commenced (Processing), PTTW – Shaft Access – (12-24 months) • Strong relationships - Local Communities and Aboriginal Groups

GEOs*¹ - Gold Equivalent Ounces BOTE*² - Basis of Target Estimate

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o ONE PROJECT - ONE FOCUS - Significant Investment Return o Focus on validating existence of near surface bulk mineralization over 6kmx1km area o Potential for 10+M GEOs*¹ potential – via stacked veins, in Gold-rich and/or Gold polymetallic-rich sulphides. o Extensive field work to-date has identified and confirmed untapped surface targets. o 2011 BOTE*² “A”- Zone @ 40-50 million tonnes grading – 2.5 g/t Au, 0.5% Cu, 3% Zn and 30 g/t Ag - (760,450 GEOs)

2 Past High-Grade Producers: Sturgeon River Mine - 17g/t Au Brenbar Mine - 20g/t Au Ore-bearing stockpiles (NI 43-101) - 10,326 ozs Au

MONETIZING OPPORTUNITIES

ABORIGINAL GROUPS AND COMMUNITIES

KEY NOTES

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GREENSTONE - AN EMERGING GOLD-RICH AND BASE METAL CAMP 5

47 KM² ISHKODAY GOLD POLYMETALLIC PROJECT

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UNTAPPED POTENTIAL - 6 KM x 1.5 KM CORRIDOR

A-Zone

Ahki

CRK

Marge

M25

#3Vein Coyle Lake Stock

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DEFINED STRATEGIES TO ACHIEVE OBJECTIVES KEY-STAGED PROGRAMS

(YEAR 4 OF A 5 YEAR PROGRAM) 

STAGE 1 - 100% COMPLETED (2018)  INITIAL FIELD VALIDATION EXPLORATION PROGRAM  Compilation-synthesis work (2D) ascertaining true gold and gold/base metal upside potential  Collect initial field data and sampling to outline and demonstrate potential  Complete 3 stripped trenches (14,905m² ) with channel samples and grab samples (1,429 Samples)



STAGE 2 - 100% COMPLETED (2019)  DELINEATE SIZE POTENTIAL OF MINERALIZED SYSTEM  7 strategic lines/trenches (25,773m² ) for geology and trends  Channel sampling, assaying (3,338 samples)  Execute 6km x 1.5km Target Area Magnetic UAV survey, plus additional ground surveys (Orthophotos)  Determine validity of bulk tonnage resources model incorporating polymetallic veins



STAGE 3 – 100% COMPLETED (2020)  STEPS TO DEFINE SIZE OF MINERALIZED SYSTEM  Refurbishment of core facility  Acquisition of Brenbar property – mapping and channel sampling  In-fill ground I.P Geophysical Surveys  Executed (31DDH) 7,937 m of diamond drilling on targeted anomalies  Completed 2D and 3D extensive, comprehensive GIS database



STAGE 4 - 2021  CONTINUED DEFINITION OF MINERALIZED SYSTEM  Geological and Geophysical Modelling – targeting of discrete exploration targets  Generate genetic mineralization model  Execute approximately 10,000 m of diamond drilling on targeted anomalies 

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Additional 100,000m drilling in targets definition, Mineral Resources Estimates ( 1-2+ years)

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BUILDING ON THE LEGACY OF HIGH-GRADE STURGEON RIVER MINE

Map of Ishkoday Shaft and Gallery on MAG 1VD

Sturgeon River Mine Shaft

OPEN AT DEPTH

Total production was 73,438 ozs gold and 15,992 ozs silver at and average grade of 17g/t gold(1936-1942).

Mined to 650m depth, intercepting 1, 2, M,10, 8/11,14 and Coniagas gold bearing quartz veins TSX.V: LME

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BUILDING ON KEY HIGH GRADE RESULTS NO. 3 QUARTZ VEIN GRADES UP TO 34 G/T GOLD OVER 2.13M

SHAFT

No. 3 Quartz Vein

Historically mined to 650m depth at average of 17g/t gold

No. 3 Quartz Vein encompassing 11 individual veins (Nos. 1, 2, M,10, 8/11,14 and Coniagas gold bearing quartz veins extending some 750m in length by 375m wide TSX.V: LME

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LINKING MINERALIZED ZONES OVER 6 KM STRIKE REGIONAL MAGNETICS INTERPRETED – PROXIMAL TO KEY REGIONAL, CRUSTAL-SCALE SHEAR ZONE, FOLDING DOCUMENTED ON PROPERTY. KEY CRITERIA FOR LODE GOLD MINERALIZATION

Sturgeon River Stock

Coyle Lake Stock

Sturgeon River Mine Brenbar Mine

Paint Lake Fault

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6KM X 1.5KM WIDE MINERALIZED CORRIDOR SIGNIFICANT INDIVIDUAL QUARTZ VEIN PROSPECTIVITY

‘A Brenbar Mine

1.8km OPEN

6 km by 1.5 km Wide Mineralized Corridor – Vertical Section (‘A-A’) – Looking West

A-Zone

Marge Zone M24/M25 Zone

CRK Zone

Sturgeon River Mine

McLeod Zone

Brenbar Mine

85-A2 Zone

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2020 PHASE ONE DIAMOND DRILLING

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TARGET ADVANCEMENT DRILLING 2020 DRILLING OBJECTIVES •

Focus on determining highest margin and most productive project development strategy.

•

Resource expansion and discovery drilling in specific zones

•

Building on highly encouraging initial results

•

New discovery target generation and drilling at untested sites

HIGHLIGHTS A-ZONE High–grade gold bearing vein intercepted LBX20-002 •

10.34 m of 3.22 g/t gold including 1.10 m of 28 g/t Au;

A-Zone

LBX20-003 •

63.93 m of 0.58 g/t gold, 6.10 g/t silver, 0.11 % copper and 1.92 % zinc

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BUILDING ON KEY HIGH GRADE RESULTS - MACLEOD ZONE

McLeod-Zone

LBX20-019

LBX20-020

LBX20-018

LBX20-021 LBX20-015 LBX20-017

LBX20-016

Hole ID

Width (m)

Gold (g/t)

Silver (g/t)

Zinc (wt%)

LBX20-016

0.60

4.65

11.6

1.97

LBX20-018

1.00

6.81

9.3

1.27

1.00

2.40

0.49

5.95

29.6

0.57

6.98

15.2

1.93

14.08

0.89

4.0

1.04

0.50

2.10

6.0

1.44

0.50

3.27

11.3

6.04

0.73

3.26

10.3

2.45

LBX20-021

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NEW DISCOVERY TARGETS GENERATED IN UNTESTED AREAS Surficial channel samples

CRK Zone

3.46% Zn over 0.5 m

2.75 g/t Au over 2.0 m

Ahki Azurite

2.03% Zn over 1.34 m

2.2 g/t Au over 0.5 m

Surficial channel samples 4.25 m @ 5.98g/t Au 2.84% Zn (See Oct 13, 2020 news release)

0.65g/t Au over 1.0 m

0.28% Zn over 8.0 m

1.22g/t Au over 0.7 m

1.86% Zn over 18.03 m

0.46 g/t Au, 1.23% Zn over 7.6 m

1.56% over 2.76 m

10.98 Au over 14.25 m 0.77g/t Au over 2.0 m 1.50% Zn over 4.0 m

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19.94 g/t Au over 2.56 m

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NEW DISCOVERY TARGETS GENERATED IN UNTESTED AREAS OPEN

NEW

TARGET

Total Mineralization in Hole LME20-031: 70.65 m @3.90 g/t gold (Au),6.46 g/t silver (Ag), 0.25% copper (Cu) and 0.40% zinc (Zn)

ZONE

OPEN

Plan Map and Vertical Section of Drill Holes LME20-030 and -031 Mineralization projected based on assay results and oriented drill core intercepts TSX.V: LME

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FOCUS ON TARGETED DRILLING AND PRODUCTIVE DEVELOPMENT STRATEGY

High Priority Drill Targets

Sturgeon River Mine

Sturgeon River Break

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BOARD OF DIRECTORS AND MANAGEMENT Cynthia Le Sueur-Aquin, President & CEO, Director 30+ years of mine management and international experience in the precious metal mining industry with global exploration and production operations.

Miles Nagamatsu, CFO Chartered Accountant with over 35 years of public accounting experience.

Nick Ierifino - Director Charter Accountant and founding partner of I&A Professional Corp. since 1990, with over 37 years experience in public accounting. Nick specializes in business advisory and restructuring has held previous positions at Arthur Anderson and was a director of Olivetti , Canada.

John Covello, Director John Covello has been the Chief Executive Officer and the President of Covello Financial Group Inc. since March 2012. Mr. Covello has experience in raising strategic capital in many industries, including the mining industry, using global connections.

Michael Burmi, Director Michael Burmi is an entrepreneur with 25 years’ experience building and managing high-end technology manufacturing organizations, coupled with extensive expertise in running a high-revenue, highgrowth engineering/manufacturing business.

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TECHNICAL ADVISORY MANAGEMENT BOARD Dr. Neil D. S. Westoll, Director Widely experienced in metal exploration and business development internationally, with experience in senior executive positions in exploration and business development.

Dr. William Pearson Over 40 years of experience in the national and international mining industry and has carried out exploration and development programs in 17 countries around the world.

Scott Biloski Civil Engineer with over 25 years experience, he is the 3rd generation owner of Biloski Brothers Sand and Gravel in Thunder Bay.

Jean-Philippe Paiement – Technical Advisor Geology Jean-Philippe has 15 years of experience in geostatistics applied to structural, geological, and geochemical modelling; specializing in non-linear interpolation and simulation.

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