Mr. Jorge Monroy reports

REYNA SILVER ANNOUNCES UPSIZE TO $4.4 MILLION AND SECOND CLOSING OF LIFE OFFERING AND CONCURRENT PRIVATE PLACEMENT TRANCHES

Due to investor demand, Reyna Silver Corp. has increased the size of its non-brokered listed issuer financing exemption (LIFE) private placement, previously announced on Feb. 14, 2024, and amended Feb. 26, 2024, and its previously announced concurrent non-brokered private placement to purchasers pursuant to other applicable exemptions under National Instrument 45-106. The amended LIFE offering is for up to 24,166,667 units of the company at a price of 12 cents per unit for gross proceeds of up to approximately $2.9-million, increased from $2.5-million. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of 20 cents for a period of 36 months from the date of issuance.

The amended concurrent private placement is for up to 12.5 million units for gross proceeds of up to approximately $1.5-million, increased from $500,000. Certain insiders of the company are participating in the concurrent private placement for 1,633,332 units for gross proceeds of approximately $196,000. The participation of any insiders may be considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The concurrent private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities will exceed 25 per cent of the company's market capitalization.

The first closing of the LIFE offering was completed on Feb. 26, 2024. The second closing of the LIFE offering and the first closing of the concurrent private placement was completed today, on March 6, 2024, as discussed further herein. Company may sell additional units in the offerings in one or more subsequent closings, on such dates as the company may determine, with the final closing anticipated to occur on March 11, 2024. The closings of the offerings are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final acceptance from the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the LIFE offering is being made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The securities offered under the exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an amended and restated offering document relating to the LIFE offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this amended and restated offering document before making an investment decision. All securities issued in connection with the concurrent private placement will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

The company is also pleased to announce a second closing of the LIFE offering of 8,240,666 units for gross proceeds of approximately $988,880 and a first closing of the concurrent private placement of 12,401,610 units for gross proceeds of approximately $1,488,193.

The company closed the first tranche of the LIFE offering on Feb. 26, 2024, of 13,934,367 units for gross proceeds of $1,672,124.04.

The company has paid cash finders' fees equal to 7.0 per cent on certain investments in the offerings for aggregate fees to date of $225,978 and issued 1,953,158 finder warrants (as defined herein) to eligible finders, including Haywood Securities Inc., Sprott Global Resource Investments Ltd., East Empire Management Ltd., Red Cloud Securities Inc., PI Financial Corp., Research Capital Corp. and Canaccord Genuity Corp. The warrants issued to eligible finders entitle the holder to acquire one common share at a price of 12 cents per common share for a period of 36 months from the date of issuance.

The company will use the net proceeds of the offering and the concurrent private placement for the exploration of the company's Gryphon Summit project, Guigui project, Batopilas project and Medicine Springs project, other exploration work, and for general corporate and working capital purposes.

About Reyna Silver Corp.

Reyna Silver is a growth-oriented junior exploration and development company. The company focuses on exploring for high-grade, district-scale silver deposits in Mexico and the United States. In Nevada, United States, the company has recently entered into an option to acquire 70 per cent of the 10,300-hectare Gryphon Summit project in a 50/50 partnership with Reyna Gold Corp. The Gryphon project shows features indicating uniquely superimposed/overprinted silver-lead-zinc-copper carbonate replacement (CRD), Carlin gold and critical metal mineralization. Also in Nevada, the company is advancing its option to acquire 100 per cent of the Medicine Springs project, where the company is exploring a potentially significant silver-lead-zinc-copper CRD/skarn/porphyry system. The company's Mexican assets are 100 per cent owned and include the Guigui project and the Batopilas project, both located in Chihuahua state. The Guigui project covers the interpreted source area for the Santa Eulalia carbonate replacement deposit district and Batopilas covers most of Mexico's historically highest-grade silver system.

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