Mr. Jorge Monroy reports

REYNA SILVER FURTHER AMENDS TERMS OF MEDICINE SPRINGS OPTION AGREEMENT

Reyna Silver Corp. has reached an agreement to further amend the terms of its option agreement dated Aug. 20, 2017, with Stephen Sutherland and Herb Duerr (collectively, the optionors), pursuant to which Reyna has the option to acquire a 100-per-cent interest in the optionors' Medicine Springs project located in Nevada, United States. The option agreement was initially entered into between the optionors and Northern Lights Resources Corp. (NLR). Reyna acquired and assumed NLRs interest in the option agreement and the underlying property pursuant to an option interest acquisition agreement dated Dec. 14, 2022 (the acquisition agreement), between NLR and Reyna. Further details of the acquisition agreement are disclosed in the company's news releases dated Dec. 15, 2022, and Jan. 5, 2023. Reyna has announced previous amendments to the option agreement, including most recently on Nov. 14, 2023. The amendments to the option agreement were effected by an amending agreement dated Jan. 31, 2024 between the optionors and Reyna (the amending agreement).

"We greatly appreciate the faith in the Medicine Springs project demonstrated by Herb Duerr and Stephen Sutherland by taking a greater share in Reyna's blue sky," said Jorge Ramiro Monroy, chief executive officer of Reyna Silver. "As seasoned Nevada geologists, they clearly appreciate what our district-scale exploration approach can bring to unlock a project's potential."

The amending agreement defers the Feb. 1, 2024, $150,000 (U.S.) cash payment to March 1, 2024, and the $200,000 (U.S.) common share payment to Feb. 1, 2025. As a result of the amending agreement, the remaining mandatory and option payments required under the option agreement for Reyna to fully exercise its option on the property are as displayed herein.

Mandatory payments:

• On or before March 1, 2024: $150,000 (U.S.) in cash;
• On or before Oct. 1, 2024: $150,000 (U.S.) in cash;
• On or before Feb. 1, 2025: $300,000 (U.S.) in common shares of Reyna (based on the 30-day VWAP (volume-weighted average price) of Reynas common shares on the TSV Venture Exchange prior to the date of issuance subject to a floor price of 12.375 cents per common share).

Option payments:

• On or before Feb. 1, 2025: $225,000 (U.S.) in cash;
• On or before Oct. 1, 2025: $150,000 (U.S.) in cash.

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 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.

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