Reyna Silver Corp. announced that it has reached an agreement to further amend the terms of its option agreement dated August 20, 2017 (as previously amended, the "Option Agreement") with Messrs. Stephen Sutherland and Herb Duerr (collectively, the "Optionors"), pursuant to which Reyna has the option to acquire a 100% interest in the Optionors' Medicine Springs project located in Nevada, USA (the "Property").

The Option Agreement was initially entered into between the Optionors and Northern Lights Resources Corp. ("NLR"). Reyna acquired and assumed NLR's interest in the Option Agreement and the underlying Property pursuant to an option interest acquisition agreement dated December 14, 2022 (the "Acquisition Agreement"), between NLR and Reyna.

Further details of the Acquisition Agreement are disclosed in the Company's news releases dated December 15, 2022 and January 5, 2023. Reyna has announced previous amendments to the Option Agreement, including most recently on November 14, 2023. The amendments to the Option Agreement were effected by an Amending Agreement dated January 31, 2024 between the Optionors and Reyna (the "Amending Agreement").

The Amending Agreement defers the February 1, 2024 USD 150,000 cash payment to March 1, 2024 and the USD 200,000 common share payment to February 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 follows: Mandatory Payments: On or before March 1, 2024: USD 150,000 in cash, On or before October 1, 2024: USD 150,000 in cash, On or before February 1, 2025: USD 300,000 in common shares of Reyna (based on the 30-day VWAP of Reyna´s common shares on the TSV Venture Exchange prior to the date of issuance subject to a floor price of CAD 0.12375 per common share). Option Payments: On or before February 1, 2025: USD 225,000 in cash and On or before October 1, 2025: USD 150,000 in cash.