Reyna Silver Corp. and Reyna Gold Corp. announced that they have entered into a Property Option Agreement with Golden Gryphon USA Inc. on the Gryphon Summit Project located in Eureka and Elko Counties, Nevada.

The Project comprises 1286 unpatented and 8 patented lode mining claims located in the Diablo Range, which lies in an area of excellent infrastructure between the Carlin and Eureka-Battle Trends of north-central Nevada. The 10,300-hectare Gryphon project covers 8 by 16 kilometres of ground laced by well-developed, variably mineralized structures. The Agreement gives Reyna Silver and Reyna Gold, jointly, the ability to earn up to a 70% equity interest in the Project.

Reyna Silver and Reyna Gold have formed an unincorporated joint venture for the purpose of holding the Option. The Option is subject to the Reyna JV performing the following by April 30, 2027: (i) expending a total of USD 9,500,000 on the Project; (ii) making cash payments to Gryphon in the aggregate amount of USD 1,100,000; and (iii) issuing a total of 1,200,000 common shares in the capital of Reyna Gold to Gryphon. Upon completion of the Option, Gryphon and Reyna JV will enter a joint venture to continue exploration and development of the Project.

See below for the detailed terms. Reyna Silver and Reyna Silver already share a number of technical team members and advisors; for efficiency, Reyna Silver will assume the technical lead of the Gryphon Summit project. Reyna Gold will contribute both capital and their gold expertise, including advisor Tony Longo, whose experience in Carlin-style Deposits will significantly benefit the project. The structure of the agreement is designed with the intent to focus funds for the first two years into the ground for exploration.

The Project. Issue an aggregate of 1,200,000 Reyna Gold common shares to Gryphon, on the following schedule: 125,000 within five business days of acceptance of the Agreement by the TSX Venture Exchange; 125,000 on or prior to April 30, 2025; 200,000 on or prior toApril 30, 2026; and 750,000 on or prior to October 30, 2027. The initial USD 2,500,000 in required expenditures, the initial USD 300,000 in cash payments and the initial issuances of 250,000 Reyna Silver common shares and 250,000 Reyna Gold common share are firm obligations and must be paid regardless of whether the Option is subsequently dropped by the Reyna JV.

Reyna Gold will each be severally responsible for 50% of the required expenditures and required cash payments under the Agreement. Upon exercising the Option in full, a new joint venture will be formed between Gryphon and Reyna GV, the terms of which will be negotiated on or before April 30, 2025. Gryphon will be granted a 2% net smelter returns royalty on the Project (subject to a 50% buy down right to a 1% royalty), except that the part of the Project comprising the eight patented mining claims will be subject only to a 1% net smelter returns royalties (not subject to further buy-down) (the NSR Agreement).

The terms of the NSR Agreement will be negotiated on or before April 30, 2025. The Agreement is subject to (i) a 30-day due diligence period in favour of Reyna JV and (ii) acceptance by the TSX Venture Exchange.