Mr. Jorge Monroy reports

REYNA SILVER ANNOUNCES COMMENCEMENT OF DRILLING AT BATOPILAS AND HIGH-GRADE SAMPLING RESULTS

Reyna Silver Corp. has commenced drilling at its 100-per-cent-owned Batopilas project in Chihuahua, Mexico. The 1,850-hectare (ha) Batopilas project encompasses Mexico's historically highest-grade silver district, which produced 300 Moz (million ounces) at average grades of 1,500 grams per tonne (g/t) silver (Ag) with native silver as the main ore mineral.

The project seeks significant undiscovered portions of the mineralized system, including both the exceptionally high-grade historically mined silver and previously unrecognized gold-rich mineralization. The gold and silver mineralization appears to reflect at least two mineralization events that exploited the same structures. This coincidence provided the opportunity to leverage the two styles of mineralization to understand the overall district framework better.

The 3,000-metre drilling program will test targets generated over the past year following recognition of the overlapping gold and silver mineralizing events (see press release of April 12, 2022). Systematic, district-scale geological, geochemical and geophysical surveys revealed multiple coincident anomalies that create high-potential drilling targets. Key targets include Pastrana (particularly the 14k zone), Escritorio, Banda Este, Animas and Las Vacas. Drill holes are designed to also intersect multiple newly identified features lying above the main targets.

"We're delighted to have rigs turning again on targets arising from our recognition of previously unsuspected gold mineralization in this historically prolific silver district," said Jorge Ramiro Monroy, chief executive officer of Reyna Silver. "Since we discovered minable widths of high-grade gold last year, we've conducted systematic mapping, sampling, structural and geophysical studies that have led to an exciting inventory of new drilling targets."

The systematic, district-scale exploration program was initiated after:

• Trenching on projections of known structures to the northeast of the historic mining area revealed silver mineralization grading 305 g/t to 42,302 g/t Ag, as well as significant gold mineralization grading as high as 21.4 g/t Au (gold) (see press release of Feb. 4, 2021). This was the first time significant gold was found in the district.
• Drill hole BA21-30 intercepted 3.2 m (core length) grading 703 g/t Ag and 3.03 g/t Au, revealing the northeast-trending Cobriza vein (see press release of Sept. 8, 2021).
• Hole BA21-34, drilled farther to the northeast along the trend, intersected 0.25 m grading 36.1 g/t Au (see press release of April 12, 2022).
• Hole BA21-42A in the Orochi area cut 3.65 m of 8.1 g/t Au at 180 m downhole (see press release of April 12, 2022).

The gold and silver mineralization appear to reflect at least two mineralization events that exploited the same structural system. This coincidence provided the opportunity to leverage the two styles of mineralization to understand the over all district framework better.

Sampling program

Over 2,700 samples were collected through detailed selective sampling along previously underexplored structures and outcrops, as well as old mine workings. The first 1,500 samples revealed: additional gold mineralization southeast of the historic district; additional structures carrying a combination of gold and silver mineralization; and recognition of surface expressions of mineralized structures (see press release from Sept. 13, 2022):

• Within the 357 highest-grade samples collected, 4.6 per cent returned values between 150 g/t and 2,290 g/t Ag, and 3 per cent were between one g/t and 12.85 g/t Au.
• In Banda Este, gold mineralization returning values of up to 27 g/t Au were found in the north-south-trending Veta Rojas zone. This parallels the Teodoro and Orochi zones to the north (where the first significant gold mineralization was found in 2022), which reinforces this exciting target (see the table entitled "Highlights of gold results").
• Extension to the north-northeast of the historic main Todos los Santos vein. This is an area of high potential, including opportunities to find blind secondary vein splays off the main vein.
• Values up to 2,290 g/t Ag in veins of the Santo Domingo-San Miguel-Nevada group, where 10 important veins were mined historically. Potential lies mainly to the southwest through an explored zone about 800 metres long in Reyna Silver claims (see the table entitled "Highlights of silver results").
• In the Pastrana area, values of up to 14,000 g/t Ag (hence the 14k zone name) were reported along major structures trending north toward the Cobriza intersection, where high-grade silver mineralization was found in 2021 (see press release from Sept. 13, 2022).
• Reassaying of historic MAG silver holes identified gold mineralization in holes BA07-18 and BA08-25.

Geophysics program

Geophysics

A detailed 11.2-kilometre-line audio magneto-tellurics (AMT) geophysical survey was undertaken to outline major structures and features that control vein orientation, dilatant zones and location of mineralization. As hoped, high-angle discontinuities were revealed that appear to coincide with structures that were historically mined for high-grade silver at high elevations during the colonial era. These results confirm both the extent of dominant features historically associated with significant mineralization in the district as well as supporting geological targets to be tested in the upcoming campaign. Case in point is the Roncesvalles vein-fault, one of the largest features in the Batopilas district, and long considered to be one of the main controls on silver mineralization. The geophysics in this area highlights the fault and also shows a number of related untested features. The new geophysics also highlight an anomaly parallel to the Cobriza vein where MAG Silver drilled 100 m of anomalous Ag, Pb (lead) and Zn (zinc) in hole BA08-21, and over 350 g/t Ag in hole BA07-19.

Structural study

A combination of underground and surface studies were conducted by expert ore deposit structural geologists to understand the controls on the geometry of historic ore shoots and the surface expressions of the mineralization -- including the newly identified gold-bearing structures. They identified subtle features in the relationship of certain structures with each other that combined with the geophysics and sampling reinforces the current targets.

Qualified person

Dr. Peter Megaw, PhD, CPG, the company's chief exploration adviser and qualified person, reviewed the technical aspects of the exploration projects described herein, and is responsible for the design and conduct of the exploration program, and the verification and quality assurance of analytical results. Dr. Megaw is not independent as he and/or companies with which he is affiliated hold net smelter royalties on the Guigui and Batopilas projects that predate Reyna Silver acquiring them.

About Reyna Silver Corp.

Reyna Silver is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and the United States.

Reyna's principal properties are the Guigui and Batopilas properties in Chihuahua, Mexico. Guigui covers the interpreted source area for the Santa Eulalia carbonate replacement district (CRD) and Batopilas covers most of Mexico's historically highest-grade silver system. The company also has an option to acquire 100 per cent of the Medicine Springs property in Nevada, United States, as well as the early-stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

We seek Safe Harbor.