Our expert says:
It's definitely not lactic acid - that much I'm sure of. Unfortunately, that's about all I'm sure of, because i've never heard of this before...
It may be that during exercise, the nerves of your nose are sensitized or over-stimulated by the obvious increase in breathing, and perhaps that irritation of the nerves somehow causes this sensation. But it's a first - I've never experienced, or even heard of it before, so I'm going to have to give up on this one! Sorry I can't be more helpful!
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