Mr. Jorge Ramiro Monroy reports

REYNA SILVER AND REYNA GOLD INITIATES 43-101 EXPLORATION REPORT ON GRYPHON SUMMIT INCORPORATING HISTORICAL DRILLING RESULTS INCLUDING 2.9 METERS OF 5.5 G/T GOLD WITHIN 16 METRES OF 1 G/T GOLD

Reyna Silver Corp. and Reyna Gold Corp., joint venture holders of the 10,300-hectare Gryphon Summit project in Elko county, Nevada (see press release of Sept. 5, 2023), are undertaking an independent National Instrument 43-101-compliant technical report incorporating over 30 years of technical data from generally shallow-focused gold exploration on the property. Reyna Silver is leading the process, and its exploration team is already working with the enormous database assembled by the vendors. A joint technical team will be deployed soon for relogging and strategic reassay of all historical sampling and drilling. This includes the recent (2021/2022) 12-hole 3,090-metre drilling program by Agnico Eagle that cut gold over significant widths in nine out of the 12 holes drilled (see the attached highlight table). Older drilling results will be reported once the National Instrument 43-101 report is complete and filed. The project came with valid permits for a number of drill pads in areas with strong prior results that can be readily reoccupied.

Gryphon Summit lies within the Carlin and Battle Mountain-Eureka gold trends, and gold has logically been the focus of recent (from 1970s to date) exploration on the property, primarily by majors. However, historic mining (1890s to 1920s) exploited silver-lead-zinc mineralization geologically similar to that mined historically in the nearby Eureka and Railroad districts, where superimposed Carlin-type gold and silver-rich carbonate replacement deposit mineralization was recently recognized. The Reynas believe that high potential for significant Carlin gold and silver-lead-zinc CRD mineralization exists at Gryphon Summit and that recent shallow gold-focused exploration left promising deeper targets untested.

"The majors' shallowly focused programs succeeded in finding strong indications of Carlin-type gold mineralization but did not follow them to depth, while CRD type mineralization encountered in these gold programs was largely ignored despite the district's history of silver-dominant CRD mining," said Jorge Ramiro Monroy, chief executive officer of Reyna Silver and executive chairman of Reyna Gold. "Taking advantage of the times and new regional geologic thinking, we acquired the property because we believe it has the ingredients needed for us to do what we are best at: approaching a project from an ore systems perspective to discover a significant new district in Nevada."

"The recognition of overprinted gold and silver systems in the region has opened opportunities for finding deposits with significantly augmented metals budgets and very robust economics," said Dr. Peter Megaw, Reyna Silver's chief exploration adviser. "Gryphon is a large property sitting in the middle of a cluster of these newly recognized systems with abundant evidence that it belongs to this family. We are excited by the data we've seen so far and look forward to relogging the existing core with different eyes from those who initially drilled the holes."

Combined geological and geochemical data support both target types. Over 3,070 selected rock samples collected between 1999 and 2021 along structural zones multiple kilometres long reported up to 24.2 grams per tonne gold with six samples over 10 g/t Au, 41 samples over two g/t Au and 186 samples over 0.5 g/t Au. The same sampling database also includes silver values to 2,000 g/t silver with 10 samples over 1,000 g/t Ag and 50 samples over 250 g/t Ag. These include samples grading up to 35 per cent zinc with 33 samples over 5 per cent Zn and 58 samples over 2 per cent Zn. Samples also grade up to 44 per cent lead with 33 samples over 5 per cent Pb and 85 samples over 2 per cent Pb. Copper -- which can be an indicator of higher temperature mineralization and proximity to an intrusive centre -- grades were returned of up to 11.6 per cent with four samples over 5 per cent Cu and 23 samples over 2 per cent.

Qualified person

Dr. Peter Megaw, PhD, CPG, the company's chief exploration adviser, a 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 (TSX Venture Exchange: RSLV) is a growth-oriented junior exploration and development company focused on exploring for high-grade district-scale silver deposits in Mexico and United States.

Reyna Silver's principal properties are the Guigui and Batopilas properties in Chihuahua, Mexico. 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 property in Nevada, U.S., as well as the early-stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

About Reyna Gold Corp.

Reyna Gold is a gold exploration company focused on district-scale exploration. The company has a portfolio of assets on the Mojave-Sonora megashear and Sierra Madre in Mexico, and an option to acquire the 10,300-hectare combined Carlin-style and CRD Gryphon Summit project in Eureka county, Nevada, U.S. The company has an experienced management team with a proven record of wealth creation through project discovery, advancement and monetization.

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