Focus on Gold and Silver: Two Commodity Producers with Growth Prospects

Advertisement – This article is distributed on behalf of Discovery Mining Ltd. and Endeavour Silver Corp., with which SRC swiss resource capital AG has paid IR advisory agreements. Producer: SRC swiss resource capital AG · Author: Freelance Journalist · First published: August 21, 2026, 4:00 p.m. Zurich/Berlin ·

Dear Readers,

Silver has attracted significant attention this year. On August 20, 2026, the spot price stood at around $66.63 per ounce, according to Reuters. At the same time, a look back at the past few months shows just how volatile the market can be: In January 2026, the price briefly reached a record high of more than $120. For investors, therefore, the high risk of a sharp pullback is just as relevant as the structural story.

The gold market is also providing tailwinds. According to Reuters, gold was trading at around $4,516 per ounce on August 20, 2026. Structural central bank demand, potentially falling real interest rates, a potentially weaker U.S. dollar, and geopolitical uncertainty all point to a sustained positive underlying trend. The World Gold Council reports that 89 percent of the reserve managers surveyed expect global gold holdings to rise. A continuation of the upward trend therefore remains plausible.

The published market scenarios, particularly for silver, vary widely. Citi projected $75 for the next three months and $90 for six to twelve months. In a decidedly positive scenario, BMO projected around $160 by the fourth quarter of 2026 and about $220 by the fourth quarter of 2027. These figures are neither company forecasts nor commitments; they are based on various assumptions regarding gold, the gold-silver ratio, interest rates, demand, and market liquidity.

Fundamentally, there are several factors in silver’s favor. The metal is both a precious metal and an industrial metal. Electronics, the solar industry, electrification, and other future technologies can support demand. At the same time, silver is a smaller and generally less liquid market than gold. Changes in interest rates, a stronger U.S. dollar, an economic slowdown, substitution, recycling, and an increase in supply could slow price growth at any time.

In its market outlook published in February 2026, the Silver Institute anticipated another deficit in the silver market. At the same time, it forecast a 20 percent increase in physical investment demand and a 2 percent decline in industrial processing for 2026. The various components of demand make it clear: The silver story is interesting in the long term, but not linear. Seasonal factors, such as the Indian wedding and festival season, could also temporarily support demand.

Endeavour Silver: Ongoing Production and Operational Scaling!

Endeavour Silver Corp. – https://www.commodity-tv.com/ondemand/companies/profil/endeavour-silver-corp/ – has a portfolio of three mines already in production in Mexico and Peru. In the second quarter of 2026, the company reported 1,943,955 ounces of silver and 10,474 ounces of gold, or 3.4 million ounces of silver equivalent. For the first half of the year, production totaled 3,819,329 ounces of silver, 22,215 ounces of gold, and approximately 6.8 million ounces of silver equivalent.

Operationally, the focus is on several key areas. Following the start of commercial production, Terronera is in the process of optimization and ramp-up. According to the company, throughput at Kolpa has increased, while Guanaceví continues to make a significant contribution. In addition to silver and gold, the production of lead, zinc, and copper is also gaining importance, as these metals can contribute to profitability as by-products.

This gives Endeavour Silver a profile as an immediate producer with additional growth potential. However, actual performance depends on ore grades, metallurgical recovery rates, plant availability, costs, metal prices, and the successful operation of the mines. Production figures and targets are therefore no guarantee of future performance.

Discovery Mining: Gold Production Plus the Cordero Silver Project

Discovery Mining Ltd. – https://www.rohstoff-tv.com/mediathek/unternehmen/profile/discovery-silver-corp/ – operated under the name Discovery Silver Corp. until July 3, 2026; the ticker symbol DSV remained unchanged. The new name reflects the company’s strategic evolution into a gold producer with a broader portfolio encompassing gold, silver, copper, and zinc. Discovery forecasts gold production of 260,000 to 300,000 ounces for 2026. In the first quarter of 2026, 60,269 ounces of gold were produced. Further production targets remain dependent on operational execution and market conditions.

The silver component is provided by the Cordero project in the Mexican state of Chihuahua, which is 100 percent owned by Discovery Mining. The February 2024 feasibility study projects a 19-year mine life and an average production of approximately 37 million ounces of silver equivalent (AgEq) per year from years 1 through 12 in concentrate. The study also cites average sustainable all-in costs of less than $12.50 per AgEq ounce over the first eight years, an initial investment of $606 million, a base-case after-tax net present value (NPV) of $1.2 billion, and an internal rate of return (IRR) of 22 percent. These figures are based on the study’s results and rely on the metal price and cost assumptions specified therein; they are not current actual figures.

The exploration program opens up additional prospects. Discovery planned to drill approximately 255,000 to 280,000 meters in 2026. This is intended to improve the data foundation for the further development of the gold portfolio and for additional growth at Cordero. Whether this will result in additional resources, reserves, or an economically viable expansion cannot be predicted with certainty at this time.

Conclusion: Two different ways to profit from the silver market!

These two companies offer investors different business profiles. Endeavour Silver has ongoing production and is therefore more directly linked to current metal prices.

Discovery Mining combines a growing gold producer with a large-scale silver project still awaiting development. Rising silver prices could improve Cordero’s profitability.

The risk-reward ratio for the silver market therefore remains challenging. Structural demand, potential supply shortages, and the metal’s industrial importance suggest that it will continue to attract significant attention. At the same time, the precious metal’s high volatility and company-specific risks can lead to significant price fluctuations. It is therefore essential to conduct your own review of the original sources and to assess your individual risk tolerance.

Current company information and press releases from Discovery Mining (- https://www.resource-capital.ch/de/unternehmen/discovery-mining-ltd/ -) and Endeavour Silver (- https://www.resource-capital.ch/de/unternehmen/endeavour-silver-corp/ -).

For more information, please see our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Best regards

Yours,

Marc Ollinger

Swiss Resource Capital AG

Editorial Note: Opinions and scenarios are clearly identified as such. Factual statements are based on publicly available primary sources listed in the references section. Corporate goals, plans, and estimates are not guarantees; actual developments may differ significantly.

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/
• SRC Mining Special Situations Certificate: http://www.wikifolio.com/de/ch/w/wf0srcplus

Sources and Status of Information

Reuters, silver price on August 20, 2026 – Original source (market price and daily performance)

Forbes Advisor, historical silver prices – Original source (historical highs)

The Silver Institute, 2026 Market Outlook – Original source (demand, supply, and deficit forecasts)

Citi Forecast, Market Report – Original source (price targets and market scenarios)

BMO Bull Scenario, Kitco – Original source (extremely positive scenario, not a base-case scenario)

Endeavour Silver, Q2 2026 Production – Original Source (production data and operational notes)

Discovery Mining, Name Change – Original Source (Effective July 3, 2026)

Discovery Mining, Cordero Feasibility Study – Original Source (Study Data and Technical Assumptions)

Discovery Mining, Q1 2026 – Original Source (Gold Production and Exploration Program)

Intro-Picture Discovery Mining

Legal Notices, Transparency, and Risks

Advertisement / Paid Corporate Communications

This article is a paid advertorial and is published on behalf of Discovery Mining Ltd. and Endeavour Silver Corp. SRC swiss resource capital AG has paid investor relations agreements with both companies. The article was not reviewed, commented on, or approved by either company prior to publication. It is explicitly and clearly labeled so that readers can take its classification as corporate communications into account when evaluating the content.

Not Independent Financial Analysis or Investment Advice

The information provided is for general informational purposes only and does not constitute independent financial analysis, investment advice, investment brokerage, financial portfolio management, or any other individual recommendation. In particular, it is not a solicitation, an offer, or an invitation to buy or sell shares, securities, or other financial instruments. No specific return, price performance, or economic viability is guaranteed. An individual assessment and, if necessary, consultation with a licensed professional remain required.

Sources, Studies, and Forward-Looking Statements

The information was compiled from the publicly available sources cited in the article following editorial review. Company information, forecasts, production targets, resource and reserve data, and the results of technical studies are identified as such. Forward-looking statements are based on assumptions and are subject to significant uncertainties. In particular, study results regarding Cordero are not current actual figures and may change due to metal prices, costs, permits, financing, technical planning, and other factors.

Significant Risks

Investments in resource companies and their shares involve significant risks. These include, in particular, sharp fluctuations in precious metal and stock prices, exchange rate and interest rate risks, economic and financing risks, dilution, limited liquidity, technical and geological uncertainties, cost increases, operational disruptions, permitting and environmental risks, as well as political and legal risks. For development projects, construction, schedule, capital, and ramp-up risks are also factors. A total loss of the capital invested cannot be ruled out.

Interests, Compensation, and Positions

The author is a freelance journalist and, according to the information available, does not hold any shares, options, warrants, derivatives, or short positions in Discovery Mining Ltd. or Endeavour Silver Corp. SRC swiss resource capital AG has paid investor relations (IR) contracts with both of the aforementioned companies. SRC’s disclosed net position in the issuers discussed is less than 0.5%. According to the information available, none of the issuers discussed holds a stake of at least 5% in SRC swiss resource capital AG.

Regulatory Note

To the extent applicable to its content, this publication complies with the transparency requirements of Article 20 of the Market Abuse Regulation (MAR) and Delegated Regulation (EU) 2016/958. This publication has not been reviewed or approved by BaFin, the British Columbia Securities Commission (BCSC), or any other securities regulator. This publication does not constitute a recommendation approved or endorsed by any regulatory authority. With regard to Canadian regulations, the following applies in particular: Paid corporate communications must be clearly, conspicuously, and in understandable language identified as being distributed on behalf of the respective issuer.

Liability and Updates

Despite careful preparation, no warranty is provided regarding the completeness, accuracy, timeliness, or availability at all times. Liability for direct or indirect damages arising from the use of the information is excluded to the extent permitted by law. There is no obligation to update the article after its initial publication. Only the most current original announcements and technical reports from the companies, as well as the relevant stock exchange and mandatory disclosures, are authoritative.

Use of AI-Supported Systems

AI-supported systems may be used as editorial tools in the creation and editing of our articles, particularly to assist with research, analysis, structuring, and linguistic revision. All content intended for publication undergoes a thorough human and editorial review prior to publication, is revised as necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains solely with the respective publisher.