Interview with Jorge Ramiro Monroy, CEO of Reyna Silver (TSX-V:RSLV)

Our previous interview: https://www.cruxinvestor.com/posts/re...

Recording date: 2nd March 2024

Reyna Silver Corp (TSXV:RSLV) is a silver-focused exploration company advancing a portfolio of high-potential projects in the prolific mining jurisdictions of Nevada, USA and Mexico. The company is led by a highly experienced management team with a track record of major discoveries, including Dr. Peter Megaw, a world-renowned expert in carbonate replacement deposits (CRDs) who serves as Reyna's Chief Technical Advisor.

Reyna Silver recently closed a $4.6 million CAD financing to fund aggressive exploration across its project portfolio, with a near-term focus on drilling the advanced-stage Griffin CRD project in Nevada. Griffin, which was acquired in November 2022, hosts an extensive historical database of 12,000 meters of drilling, 4,000 surface samples, and multiple geophysical surveys. However, this data was generated by previous operators primarily focused on exploring for Carlin-type gold mineralization. Reyna's technical team recognized the potential for a significant CRD system and will be the first to systematically explore the project from this perspective.

CEO Jorge Ramiro Monroy explained in a recent interview, "The core that we're going to look at has pretty much never been looked at with the eyes of CRDs. And you know, it has very specific characteristics." The company plans to relog the historic drill core and integrate the extensive data to refine high-priority drill targets in areas of known mineralization. This work will culminate in a substantial drill program later this year, with the goal of rapidly advancing Griffin towards a maiden resource estimate.

In addition to Griffin, Reyna Silver has a portfolio of earlier-stage but highly prospective silver projects in Mexico. These projects, including Guigui and Batopilas, were acquired from MAG Silver as part of a 2019 deal that saw Dr. Peter Megaw join Reyna's technical team. Mexico is a world-class jurisdiction for silver exploration and production, and Reyna's projects are located in historic mining districts with significant upside potential.

However, recent uncertainty surrounding proposed changes to Mexico's mining law has impacted foreign investment and led some companies to focus their exploration efforts elsewhere in the near-term. Reyna Silver is taking a pragmatic approach in response to this uncertainty. The company is maintaining its Mexican property portfolio and continuing low-cost exploration activities but has elected to defer drilling until after the upcoming presidential election in July and the swearing-in of the new government in December.

Despite the challenging market conditions for silver over the past two years, the fundamentals for the metal remain compelling. The appetite for silver among investors remains strong, but a lack of high-quality exploration and development projects in the pipeline has created the potential for a significant supply shortage in the coming years. As CEO Jorge Ramiro Monroy noted, "If you look at the last four or five years, the big silver companies - Pan American Silver, First Majestic - they didn't go and buy silver projects. They used their silver premium, looked around and said, 'There's no silver projects.' So there is certainly a need to make new silver discoveries."

With a strong treasury, experienced management team, and portfolio of drill-ready exploration projects in world-class mining jurisdictions, Reyna Silver Corp represents a compelling opportunity for investors looking for exposure to silver discovery potential. The company's near-term focus on drilling the advanced-stage Griffin CRD project in Nevada provides the potential for a major new discovery in a politically stable jurisdiction, while the earlier-stage Mexican portfolio offers investors additional upside optionality. With a tight share structure, strong institutional support, and an attractive valuation compared to its peer group, Reyna Silver is well-positioned for success in the coming year.

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