Mr. Jorge Ramiro Monroy reports

REYNA SILVER DRILLS MULTIPLE NEW NATIVE SILVER VEINS AT BATOPILAS INCLUDING 9 M AT 616 G/T SILVER

Reyna Silver Corp. has released multiple, near-surface, high-grade, native silver-bearing intercepts in three of the initial holes of its 2023 Batopilas drilling campaign. Intercepts include Reyna Silver's widest to date (BA23-58: nine m of 616 grams per tonne (g/t) silver (Ag) within 30 m of 218 g/t Ag) and the discovery of a new, blind native silver vein reporting 6,440 g/t silver across 0.2 metre (BA23-57). The holes were drilled in the historic silver zone on the district's west side. Following the end of the rainy season, drilling is expected to resume in both this area and the recently discovered gold-silver zone on the district's east side.

The targets reported here resulted from a year-long systematic geological re-evaluation of the district, including mapping, sampling, and structural and geophysical studies (see press release from June 29, 2023) triggered by Reyna's 2022 discovery of significant gold (see press release from April 12, 2022). Gold was previously unknown at Batopilas, famous as Mexico's richest native silver district, historically producing over 300 million ounces (Moz) of silver with an average grade of 1,500 g/t silver.

Highlights from the initial 2023 Batopilas drilling campaign (see the table entitled "Highlights from drill holes BA23-57, BA23-58 and BA23-60"):

• Hole BA23-58 cut nine m of 616 g/t silver within an overall structure of 30 m width running 218 g/t silver, including 1.4 m of 1,405 g/t silver (see the table entitled "Results from BA23-58 of the full 30 metres grading 218 g/t Ag from three to 33 metres").
• Hole BA23-57 hit a new native silver vein grading 6,440 g/t silver across 0.2 metre in a blind structure between the historically important Escritorio and Todos Los Santos veins. There were also multiple additional intercepts on the way to the new vein (see drill results explanation below).
• Hole BA23-60 cut 0.8 m grading 1,342 g/t silver, 65 m above the Escritorio vein.

"We are delighted that the time and effort spent over the past year on the sampling program, structural studies and geophysics has paid off with these high-grade silver discoveries," said Jorge Ramiro Monroy, chief executive officer of Reyna Silver. "Cutting new native silver structures -- including one reporting nine metres of over 600 g/t silver -- shows that a disciplined, district-scale approach to exploration can lead to discovery. Going forward, our team will test this model against our upcoming drill targets in our campaign to search for the silver and gold veins of Batopilas."

"Finding multiple new, high-grade silver veins through collaborative rethinking of a district with 400 years of mining history proves that solid fieldwork and modern exploration approaches can revolutionize the geologic perception of an ore system. Mining history tells us that the Batopilas native silver veins can blossom from a few centimetres to over two metres wide in a few metres laterally, so any of these intercepts could be very close to a major shoot," said Dr. Peter Megaw, chief exploration adviser to Reyna Silver. "Next, we get to turn our sights and drills on targets in the Banda Este gold-silver zone generated through this systematic district reappraisal."

Drill results explanation and highlights

The drilling program consisted of six holes, totalling 1,458 metres, targeting areas of interest determined by the year-long study.

Hole BA23-58 targeted the San Roberto-Roncesvalles vein/structure more than 350 metres northwest of BA23-57 in Escritorio. Starting just three metres below the surface, it cut an overall 30 m (core length) mineralized zone grading 218 g/t Ag, encompassing multiple high-grade zones (see the table entitled "Results from BA23-58 of the full 30 metres grading 218 g/t Ag from three to 33 metres"). Within these 30 m, starting nine m downhole, the drill cut 1.5 m of 398 g/t Ag. Then, at 21 m in depth, nine m of 616 g/t Ag was cut, including 1.45 m grading 1,405 g/t Ag. At 28.5 m depth, it cut the final high-grade zone of 1.5 m grading 936 g/t (see the table entitled "Highlights from drill holes BA23-57, BA23-58 and BA23-60").

Hole BA23-57 was designed to test the top of the Escritorio vein on the way to a target identified through a combination of geophysical, sampling and structural studies conducted during the 2022 to 2023 systematic exploration program. At 64.5 m downhole, the drill cut the top of the Escritorio vein, which showed 0.25 m grading 1,360 g/t silver. Then, at 203.2 m, the drill cut a new and completely blind, native silver vein grading 6,440 g/t silver over 0.2 m (see the table entitled "Highlights from drill holes BA23-57, BA23-58 and BA23-60"). The technical team is excited by this development because the covered structure lies between the Escritorio and Todos Los Santos veins, two of the most significant veins in the district. Historically, miners would follow narrow silver-rich calcite seams into the famous native silver ore shoots of Batopilas, so follow-up drilling of this new vein is a high-priority exploration goal.

Hole BA23-60, also in the Escritorio zone, had a steeper trajectory than BA23-57 and cut the Escritorio vein at 72.7 m, where it carried 0.8 m of native silver grading 1,432 g/t silver (see the table entitled "Highlights from drill holes BA23-57, BA23-58 and BA23-60"). The intercept was 50 m below and 15 m south of the BA23-57 intercept, and is believed to lie 66 m from any historic workings.

A typical Batopilas ore-shoot: Native silver occurs sporadically in the narrow calcite veins that link the ore shoots for 30 m to 150 m. Over a distance of one m to eight m, the structure blossoms into steeply inclined ore shoots, ranging from 0.5 m to two m wide, 30 m to 80 m on level, and up to 350 m in height. Approaching a shoot, the vein shows a rapid lateral transition from calcite, containing fine-grained galena (lead sulphide (PbS)), fine-grained sphalerite (zinc sulphide (ZnS)), and finally proustite (a silver sulphosalt (Ag3AsS3)) and acanthite (a silver sulphide (Ag2S)), before entering the principal native silver ore zone. As the native silver zone is passed, the vein transitions through the sequence in reverse before shrinking back to a narrow calcite seam, which continues 30 m to 150 m to the next ore shoot.

Future exploration plans

These results validate the time Reyna spent systematically rethinking the district's geology following the discovery of significant gold mineralization in this historic silver district (see press release from April 12, 2022). This process substantially increased understanding of the Batopilas district and resulted in multiple new drill targets. These six holes represent the first stage of drilling on these new targets, and after a break for the rainy season, rigs will be mobilized to the next major planned target area, the gold-silver-bearing Banda Este zone. This area rose in priority for the exploration team after significant gold and silver mineralization was encountered by a selective sampling program (see press release from Sept. 13, 2022). Banda Este has few historical workings, but Reyna Silver's work in the district indicates significant potential for it to grow into an important exploration area.

While drilling is under way at Banda Este, the technical team will develop follow-up targets building on the high-silver results reported herein. The principal goals will be refining understanding of the structural controls on the native silver shoots, identifying vectors to follow the native silver intercepts into major ore shoots, and continued investigation of the relationship between the silver and gold mineralization stages that have been recognized.

Quality assurance/quality control statement

Reyna Silver follows industry-standard procedures for diamond core drilling and sample analysis. Drilling is carried out using NQ and HQ size tooling. The drill core is cut in half using a diamond rock saw, with one-half of the core then taken as a sample for analysis and the other kept as a register. Sample intervals are generally from 0.2 m to two m intervals, producing samples of between 0.6 kilogram to 10 kg. Half-core samples are delivered to the internationally certified ALS Minerals laboratory facilities in Chihuahua City, where the samples are prepared. ALS has a quality management system (ISO 17025), and assays are completed by ALS Minerals in Canada. The samples are fire-assayed for Au (Au-23), and are analyzed for Ag and multielements using method code ICP (inductively coupled plasma) (ICP-41) following an aqua regia digestion. Samples showing visible gold are resubmitted to ALS for metallic screen assaying. Overlimits are analyzed using an appropriate method. Multielement geochemical standards and blanks or duplicates are inserted systematically into the drill core sampling series to monitor lab performance. The control samples are inserted every 25 samples in the case of standards, blanks and field duplicates, and every 30 samples are intercalated for rejects and pulp duplicates. Referent to the chain of custody, the samples are transported from Batopilas by Reyna Silver personnel to ALS Chemex in Chihuahua City.

Qualified person

Dr. Megaw, 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 the 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, plus Medicine Springs and Gryphon Summit in Nevada, U.S. Guigui covers the interpreted source area for the Santa Eulalia district, 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 CRD project in Elko county, Nevada, U.S., and the 10,300-hectare combined Carlin-style and CRD (carbonate replacement deposit) Griffin Summit project in Eureka county, Nevada, U.S., as well as several early-stage properties in Mexico.

We seek Safe Harbor.