Reyna Silver and Reyna Gold Announce Signing of Option Agreement for Gryphon Project in Nevada - Seite 2

"Reyna Silver's strength is the ability to take on large, district-scale projects. The multiple overprinted silver, gold and nickel events seen here and increasingly by others in the immediate neighborhood suggests Gryphon fits perfectly into our wheelhouse," said Jorge Ramiro Monroy, CEO of Reyna Silver. "We're delighted to team with our sister company Reyna Gold on this precious metals-rich multistage property smack dab in the middle of one of the world's best-understood gold mega-districts."

"We are excited by the opportunity to expand into this new jurisdiction with shared talents and capital. Our geological team has considerable expertise in Carlin Gold deposits we can bring to bear," said Michael Wood, CEO of Reyna Gold. "The investment structure of the deal allows us to build systematically on existing work, and the joint venture provides our shareholders jurisdictional diversity through exposure to a district-scale property in the U.S., complementing our La Gloria project in Mexico."

"It's remarkable when the opportunity arises to acquire an exploration project on Main Street for both the Carlin Gold and Eureka-Ruby Hill CRD trends, especially one with a huge inventory of high quality but underutilized exploration data," noted Dr. Peter Megaw, Chief Exploration Advisor to Reyna Silver. "Gryphon is just across the valley from i80 Gold's Ruby Hill, where the two major regional mineralization styles are co-mingled, creating some pretty special mining economics."

The Agreement:

The Agreement gives Reyna Silver and Reyna Gold, jointly, the ability to earn up to a 70% equity interest in the Project (the "Option"). Reyna Silver and Reyna Gold have formed an unincorporated joint venture for the purpose of holding the Option (the "Reyna JV"). The Option is subject to the Reyna JV performing the following by April 30, 2027: (i) expending a total of US$9,500,000 on the Project; (ii) making cash payments to Gryphon in the aggregate amount of US$1,100,000; and (iii) issuing a total of 1,200,000 common shares in the capital of Reyna Silver and 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.