ADVERTISEMENT / PROMOTIONAL COMMUNICATION – This article is distributed on behalf of Sierra Madre Gold and Silver Ltd. and Skeena Gold & Silver. · SRC Swiss Resource Capital AG maintains compensated investor relations consulting and communications agreements with both companies. · Producer/Publisher: SRC Swiss Resource Capital AG · Author/Editor: Ingrid Heinritzi · Editorial cut-off: August 11, 2026, 2:03 p.m. Zurich/Berlin time · First publication: August 12, 2026, 5:33 a.m. Zurich/Berlin time

Dear Readers,

Gold has stabilized at elevated levels following the strong rebound of recent days. Reuters reported a spot price of around US$4,386 per troy ounce on August 11, after gold rose as high as US$4,434.84 intraday, its highest level since early June. Silver was quoted at around US$65.20 per troy ounce at the same time and edged lower during the session. In the near term, attention is focused primarily on U.S. inflation data and the resulting expectations for the Federal Reserve.

The next regular meeting of the Federal Open Market Committee will take place on September 15 and 16, 2026. For gold, the key factor is not any single geopolitical development, but rather the interplay among real interest rates, the U.S. dollar, inflation expectations and risk sentiment. Higher yields increase the opportunity cost of holding the non-yielding precious metal, while a weaker dollar can provide support. Tensions in the Middle East can also support gold through safe-haven demand, but may simultaneously increase inflationary pressure through higher energy prices and thereby affect interest-rate expectations. No clear-cut price reaction can therefore be inferred.

Gold and Silver Play Different Roles

Gold has long been used as a store of value and a diversification instrument. According to analyses by the World Gold Council, gold has often exhibited lower correlation with equities than many other asset classes, particularly during periods of market stress. This does not imply any guarantee of value preservation: gold can also fluctuate significantly over extended periods.

Silver is more heavily influenced by industrial demand and is therefore more cyclical. The World Gold Council describes silver as a higher-beta exposure within precious metals, with long-term volatility materially above that of gold. At the same time, structural supply-and-demand factors remain supportive: the Silver Institute expects 2026 to mark a sixth consecutive annual market deficit. While applications in data centres, AI, vehicles and electrification are creating additional demand, silver use per solar cell is declining as a result of thrifting and substitution. The industrial tailwind is therefore real, but not equally strong across every end-use segment.

The investment side also remains relevant. According to the World Gold Council, total global gold demand including OTC exceeded 5,000 tonnes in 2025, setting a record. Central banks were net buyers of 863 tonnes. Global gold ETFs recorded inflows of 801 tonnes, the second-strongest year on record in tonnage terms and a record in value terms. These figures describe past developments and do not guarantee a continuation of the trend.

Sierra Madre: Producer with a Second Mine Complex in the Pipeline

Sierra Madre Gold and Silver Ltd. – https://www.rohstoff-tv.com/play/bergbau-nachrichten-mit-sierra-madre-gold-and-silver-und-amex-exploration/ – is a Mexico-focused gold and silver producer. Commercial production at the La Guitarra mine complex resumed effective January 1, 2025. La Guitarra is a permitted underground mine with a processing plant. In parallel, the company is working on a two-stage expansion of throughput capacity.

In June 2026, Sierra Madre also completed the acquisition of the Del Toro silver mine from First Majestic. Del Toro is a past-producing, fully permitted underground mining complex with three mine areas and existing processing infrastructure. Under the company’s most recently published plan, the restart process is expected to begin in mid-2027, with first production targeted for mid-2028. Until then, planned work includes resource expansion drilling and additional technical work. These dates are company targets and not guarantees.

At the same time, Sierra Madre has two distinct operational development paths: ongoing production at La Guitarra and the existing infrastructure at Del Toro.

Skeena: Eskay Creek Fully Permitted and Under Construction

Skeena Gold & Silver – https://www.commodity-tv.com/play/skeena-gold-and-silver-construction-of-next-large-canadian-gold-and-silver-mine-underway/ – is developing the 100%-owned Eskay Creek Gold-Silver Project in British Columbia’s Golden Triangle. The project received its final material permits in early February 2026 and is now under construction. According to the company’s March 31 update, Eskay Creek was 49% complete as of February 28, 2026. At that time, 66% of total project costs had been committed.

Skeena continues to target first production and first cash flow in the second quarter of 2027, with commercial production expected in the third quarter of 2027. At the same time, the updated 2026 project cost budget was increased to US$659 million, compared with US$560 million on the comparable 2023 cost basis. The higher capital requirement underscores that even a permitted construction project remains subject to cost, schedule and execution risks.

The updated Feasibility Study published in 2023 reports open-pit Proven and Probable Mineral Reserves of 39.8 million tonnes containing a total of 3.3 million ounces of gold and 88.0 million ounces of silver, equivalent to 4.6 million ounces of gold equivalent at an average grade of 3.6 g/t AuEq. The study estimated life-of-mine AISC of US$687 per gold-equivalent ounce sold, based on US$1,800 per ounce gold and US$23 per ounce silver. These study metrics are based on assumptions and estimates, while actual metal prices are now trading materially above those assumptions.

In addition to Eskay Creek, Skeena owns Snip, another past-producing gold mine located approximately 40 kilometres to the west. Snip produced around 1.1 million ounces of gold between 1991 and 1999 at a historical average grade of approximately 27.5 g/t. The company’s current focus, however, remains firmly on completing Eskay Creek as planned.

Conclusion: Precious Metals Remain Strong – Operational Execution Is Key

Gold and silver continue to trade in an environment characterized by high prices, monetary-policy uncertainty and geopolitical risks. Gold offers the more defensive precious-metals profile, while silver can experience larger moves in both directions because of its industrial demand exposure and higher volatility.

The two companies discussed also have their own operational catalysts: Sierra Madre combines ongoing production with the planned restart of Del Toro, while Skeena is advancing the fully permitted Eskay Creek construction project toward planned production in 2027. In each case, metal prices, technical results, financing, cost control, permitting requirements and successful operational execution remain key factors.

Current company information and press releases: (- https://www.resource-capital.ch/de/unternehmen/sierra-madre-gold-and-silver-ltd/ -) and Skeena Gold & Silver (- https://www.resource-capital.ch/de/unternehmen/skeena-resources-ltd/ -).

You can also find more information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Kind regards

Yours sincerely

Marc Ollinger

Swiss Resource Capital AG

Scientific and Technical Basis and Qualified Persons

Sierra Madre: The information regarding La Guitarra and the company’s current exploration and production plans is based on news releases issued by Sierra Madre Gold and Silver Ltd., the technical content of which was reviewed and approved by Gregory Smith, P.Geo., a Director of the company and a Qualified Person under NI 43-101. The company expressly notes that its production and expansion decisions are not based on NI 43-101-compliant Mineral Reserve estimates, PEAs or Feasibility Studies. The information regarding the Del Toro transaction is based on the closing news release dated June 22, 2026, and the transaction materials referenced therein.

Skeena: The information regarding construction progress, the cost budget and the production schedule for Eskay Creek is based on the company’s March 31, 2026 news release. Andrew Osterloh, P.Eng., Vice President Project Engineering & Construction, is the Qualified Person named for this information and validated and approved the technical information contained in that primary source. The Mineral Reserve, production and cost metrics are based on the NI 43-101-compliant Technical Report for the updated 2023 Feasibility Study; the related technical news release was reviewed and approved by the Qualified Persons named therein. The information regarding Snip is based on the company’s official project description. The QP reviews referred to above relate solely to the respective primary sources and not to this English-language article. SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Sources and Data Cut-off

• Reuters, “Gold steadies after scaling two-month high; markets await inflation data”, August 11, 2026
• Federal Reserve, FOMC Calendar, September 2026
• World Gold Council, “Gold Demand Trends: Q4 and Full Year 2025”, January 29, 2026
• World Gold Council, “Gold the safe haven versus silver the wildcard”, March 18, 2026
• Silver Institute, “Global Silver Investment to Remain Strong in 2026…”, February 10, 2026
• Sierra Madre Gold and Silver, resumption of commercial production at La Guitarra, January 9, 2025
• Sierra Madre Gold and Silver, “Receives Mexican Antitrust Approval for the Acquisition of the Del Toro Mine”, May 22, 2026
• Sierra Madre Gold and Silver / First Majestic, “Closing of Acquisition of the Del Toro Silver Mine…”, June 22, 2026
• Sierra Madre Gold and Silver, “Receives Permit to Start East District Exploration Drilling”, July 14, 2026
• Skeena, “Completes Permitting Process for Eskay Creek”, February 3, 2026
• Skeena, “Eskay Creek Reaches 49% Completion & Provides Project Update”, March 31, 2026
• Skeena, “Updated Feasibility Study Technical Report for Eskay Creek”, December 22, 2023
• Skeena, “Snip Deposit” – official project description

Important Notices, Conflicts of Interest and Disclaimer

Nature of the communication and conflict of interest: This article is a compensated advertising and marketing communication (advertorial) and is not independent financial analysis. SRC Swiss Resource Capital AG receives compensation from Sierra Madre Gold and Silver Ltd. and Skeena Resources Limited for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence the selection of the companies discussed and the manner in which they are presented.

Conflict-of-interest disclosure pursuant to Article 20 of Regulation (EU) No 596/2014 (MAR), Commission Delegated Regulation (EU) 2016/958 and Section 85 of the German Securities Trading Act (WpHG): The author holds no positions in the shares of the issuers discussed. The net position of SRC Swiss Resource Capital AG in the shares of each of the two issuers discussed is less than 0.5% of the respective issued share capital. No issuer discussed holds an interest of 5% or more in SRC Swiss Resource Capital AG. Compensated relationship: investor relations consulting and communications agreements with both issuers. No scheduled update of this article is planned; any statutory obligations to correct or update information remain unaffected. The relevant circumstances and publicly available information are those existing as of the editorial cut-off on August 11, 2026, at 2:03 p.m. Zurich/Berlin time.

Methodology, market prices and sources: Market and company information was obtained from the publications identified in the source list. Market prices are spot prices at specific points in time and may vary by data provider, trading venue and time of observation. Facts, company statements, study metrics, forward-looking information and editorial assessments have been distinguished in the wording of the article. Historical data, market forecasts and study metrics are not price targets or trading signals.

No individual investment advice: The information provided is intended solely for general informational purposes. It is not tailored to any person’s individual investment objectives, financial circumstances or risk tolerance and does not constitute individual investment advice, an invitation, an offer or a solicitation to buy or sell securities or other financial instruments. Investment decisions should be made on the basis of the reader’s own assessment and, where appropriate, with the assistance of independent professional advisers.

Risks: Securities of natural-resource, mining, exploration and project-development companies involve substantial risks. These include, in particular, gold- and silver-price, currency, liquidity, financing, dilution, exploration, Mineral Resource and Mineral Reserve, permitting, construction, operating, environmental, remediation, political, regulatory and country-specific risks. Construction and production projects may fail technically or economically, exceed schedules or cost budgets, or require additional capital. Losses, including a total loss of the capital invested, are possible.

Forward-looking information and scientific and technical information: This article contains forward-looking information, company objectives and scientific and technical information. Such information is based on assumptions, estimates and expectations as of the relevant publication dates; actual results may differ materially due to known and unknown risks. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. At Sierra Madre, according to the company, production and expansion decisions are not based on NI 43-101-compliant Mineral Reserve estimates, PEAs or Feasibility Studies; this creates additional technical and economic uncertainty. At Skeena, the Mineral Reserve and economic metrics cited are based on the Feasibility Study published in 2023 and its assumptions. The QP reviews referred to above relate solely to the respective primary sources; SRC Swiss Resource Capital AG has not independently verified the scientific or technical information.

Accuracy, completeness and external content: The content was prepared with editorial care on the basis of the identified sources, which are considered reliable. Nevertheless, no representation or warranty is made as to its accuracy, completeness, currency or continued availability. Mandatory statutory liability remains unaffected. The operators of external websites are solely responsible for their content. Links will be removed if unlawful content becomes known.

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The general disclaimer of SRC Swiss Resource Capital AG also applies: resource-capital.ch/de/disclaimer-agb/