Gold Holds Its Ground — Two Companies with Clear Growth Drivers

Advertisement – This article is distributed on behalf of Fortuna Mining Corp. and Amex Gold Mining Inc., with which SRC swiss resource capital AG has paid IR consulting agreements · Producer: SRC swiss resource capital AG · Author: Freelance Journalist · First published: September 1, 2026, 5:33 a.m. Zurich/Berlin ·

+++ Gold: Strong Monthly Performance Despite Recent Correction +++

Dear Readers,

The gold price enters September with momentum, but also with noticeably higher volatility. On August 31, spot gold briefly traded at around $4,436 per troy ounce. Despite the sharp pullback on the previous trading day, the price still posted a gain of more than 10% for August. This underscores robust demand but also shows that the path upward is not a straight line.

Support is coming from the strained U.S. fiscal situation. Total U.S. debt exceeded $40 trillion for the first time at the end of August. At the same time, the U.S. Treasury expanded its liquidity purchases at the long end of the Treasury market. Yields on 10-year Treasury bonds fell from 4.74% to 4.67% between August 21 and 27, while yields on 30-year bonds dropped from 5.27% to 5.19%. Falling yields and a weaker U.S. dollar can generally support gold — but they are only part of a complex market picture.

Added to this are geopolitical and trade-related risks. The U.S. imposed additional tariffs of 50% on certain Canadian product categories. Canada announced retaliatory measures effective September 8. U.S. sanctions against entities involved in the Iranian oil trade were also tightened. Such tensions can increase demand for safe-haven assets, while a more restrictive U.S. monetary policy and rising real interest rates pose headwinds.

Major banks also remain bullish in the medium term: Morgan Stanley sees a possible path above $5,000 per ounce by 2027. UBS expects around $5,000 in the first half of 2027.

Amex Gold Mining: From Explorer to Developer!

Amex Gold Mining Inc. - https://www.commodity-tv.com/play/amex-gold-mining-is-pushing-forward-with-the-bulk-sample-construction/ - is increasingly focusing on the development of its 100% owned Perron Gold Project in Québec. The Phase 1 feasibility study published in April projects an average annual production of 147,000 ounces of gold over five years of commercial production, with projected all-in sustaining costs of $910 per ounce. Assuming a gold price of $3,500 per ounce, the study calculates a post-tax NPV₅ of CAD 1.13 billion and a post-tax IRR of 114.6%.

Significant operational milestones have also been achieved: The submission of the project notice on August 13 initiated the formal environmental review process for the planned Perron Mine. At the same time, the approved large-scale underground sampling program covering approximately 40,000 metric tons is moving forward. Blasting work at the portal has been completed, and ramp development is the next key step. Processing of the large-scale sample material is targeted for 2027, while Phase 1 revenue and commercial production are scheduled for 2028.

Perron combines high gold grades with existing regional infrastructure and a capital-efficient contract processing strategy. For Amex, this opens up a comparatively focused development path. However, the ongoing permitting process, adherence to time and cost schedules, the availability of suitable processing capacity, as well as financing and the gold price remain critical factors.

Fortuna Mining: Cash Flow Meets a Growing Project Pipeline

Fortuna Mining Corp. - https://www.commodity-tv.com/play/fortuna-mining-summary-by-the-ceo-on-the-strong-second-quarter-and-upcoming-growth/ - already has production underway and is combining this foundation with several concrete growth initiatives. In the second quarter of 2026, the company produced 72,217 ounces of gold equivalent. At the same time, Fortuna generated free cash flow from continuing operations of $85.7 million. According to the company, a net cash position of $435 million and available liquidity of $756.7 million provide a solid foundation for upcoming investments.

At the Séguéla mine in Côte d’Ivoire, an expansion of processing capacity by 30% to approximately 2.3 million metric tons per year has been approved. In the long term, this is expected to support an average annual production of more than 200,000 ounces; the ramp-up phase for the expanded facility is scheduled for the second half of 2028. The project also includes the development of the Sunbird underground mine.

For Diamba Sud in Senegal, the feasibility study projects an average annual production of116,000 ounces of gold over the mine’s entire life, with an average of 158,000 ounces expected in the first four years. At a gold price of $3,500 per ounce, the study calculates an after-tax NPV₅ of approximately $1.0 billion and an after-tax IRR of 60%. The first gold pour is targeted for before the end of the second quarter of 2028 — subject to obtaining a mining permit and a positive final investment decision.

With the adjacent Bambadji project, acquired for US$200 million, Fortuna has also added an exploration package covering approximately 190 km² with an extensive historical data set. An initial drilling program totaling 51,000 meters is budgeted for the remainder of 2026. Séguéla and Diamba Sud are expected to collectively help increase Fortuna’s consolidated gold production to more than 500,000 ounces per year by 2028. This figure refers to the entire company — not just the two projects.

Conclusion: Two different paths to a strong gold market!

Amex (WKN: A42G55) and Fortuna (WKN: A40CFY) represent two clearly distinct investment profiles.

Amex offers a focused development track record with high returns on investment and visible progress in the transition to underground mining. Fortuna, on the other hand, combines existing production, cash flow, and balance sheet strength with a broadly diversified growth pipeline.

Good luck and best regards

Yours,

Marc Ollinger

Swiss Resource Capital AG

Sources:

Market/Macro: U.S. Treasury – Debt to the Penny · Federal Reserve/FRED – 10- and 30-Year Treasury Yields · White House – Tariffs on Canada · Government of Canada – Countermeasures · UBS – Gold Outlook

Amex: Feasibility Study, April 13, 2026 · Portal and Underground Development, August 5, 2026 · Project Announcement, August 13, 2026

Fortuna: Q2 Results, August 5, 2026 · Diamba-Sud Feasibility Study, June 29, 2026 · Séguéla Expansion, July 29, 2026 · Bambadji Acquisition, August 10, 2026 · Intro Image: Fortuna Mining

DISCLOSURE, CONFLICTS OF INTEREST, METHODOLOGY, RISK WARNINGS, AND DISCLAIMER SRC swiss resource capital AG (“SRC”) has paid investor relations consulting agreements with Fortuna Mining Corp. and Amex Gold Mining Inc. This article was prepared and distributed within the framework of these contractual relationships. The compensation constitutes a financial conflict of interest and may influence the objectivity of the presentation. Readers should expressly take this fact into account when evaluating the article.Compensation and Potential Conflicts of Interest

As of the editorial deadline, the author, Jörg Schulte, holds no shares, options, warrants, short positions, or other direct or indirect derivatives or financial instruments of Fortuna Mining Corp. or Amex Gold Mining Inc.

SRC may, directly or indirectly, hold or trade shares or other financial instruments of the aforementioned issuers. To the extent that SRC holds such positions as of the editorial deadline, the net position attributable to SRC in each of the two issuers is less than 0.5% of the respective issued share capital. According to information available to SRC, there is no net long or net short position of at least 0.5%.

To the best of SRC’s knowledge, none of the issuers mentioned holds, directly or indirectly, at least 5% of SRC’s capital or voting rights.

Market-making, investment banking, placement, or financing services were neither the subject nor the basis for the preparation of this article. The compensation for this publication is based on the disclosed IR consulting agreements.

This article was not submitted to the aforementioned issuers for content or editorial approval prior to its publication. No management review was conducted. Editorial responsibility remains with the publisher. This article is paid advertising and is intended solely for general informational purposes. It does not constitute a securities prospectus, nor does it constitute an offer, a solicitation, or a recommendation to buy, hold, or sell securities or other financial instruments. It is not investment advice, investment brokerage, financial analysis, legal, tax, or other individual advice, and does not take into account the personal circumstances, investment objectives, financial capabilities, or risk tolerance of individual readers.

Nature and Purpose of the Publication

This article should not be used as the sole basis for an investment decision. Interested investors should conduct their own due diligence and, if necessary, seek independent professional, legal, tax, or financial advice. This article is based on publicly available information, in particular company announcements, annual and quarterly reports, technical reports, feasibility studies, presentations, regulatory disclosures, and the market data listed in the bibliography. Company information, study results, and corporate objectives are identified as such and do not constitute the author’s or SRC’s own forecasts or guarantees.

Information Sources and Methodology

During the editorial process, a distinction was made between factual information, forward-looking statements, corporate forecasts, and editorial assessments. Editorial assessments reflect solely the author’s opinion as of the specified editorial deadline.

The sources used were generally considered reliable as of the editorial deadline. However, neither the author nor SRC has conducted an independent review of all source data, calculations, reserves, resources, study assumptions, project costs, or corporate forecasts. Information may become outdated after the editorial deadline due to new corporate announcements, market movements, or regulatory developments.

There is no obligation to update, correct, or adjust this article after its publication to reflect subsequent events, unless required by law. The scientific and technical information contained in this article was taken exclusively from the public publications and technical reports of the respective issuers listed in the bibliography. This article does not contain any scientific or technical information that was independently collected or newly calculated.

Scientific and Technical Mining Information

The underlying original publications by Amex Gold Mining Inc. specifically identify Alexandre Burelle, P.Eng., and Aaron Stone, P.Geo., as Qualified Persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The underlying original publications from Fortuna Mining Corp. specifically name, depending on the project and publication, Raul Espinoza, FAusIMM CP, Eric Chapman, P.Geo., and Paul Weedon, MAIG, as Qualified Persons within the meaning of National Instrument 43-101.

These Qualified Persons have reviewed and approved the scientific and technical information in the respective original publications. However, they have not separately reviewed or approved this editorial article. The author and SRC are not Qualified Persons and have not independently verified the underlying technical data.

Information regarding mineral resources and mineral reserves, grades, metallurgical recovery rates, production volumes, mine life, capital and operating costs, and economic indicators is based on assumptions and estimates. Mineral resources that are not mineral reserves do not have proven economic viability for mining. There is no certainty that resources can be converted into reserves, that study results can be achieved, or that projects can be approved, financed, or brought into production. This article contains forward-looking statements and information. These are often identifiable by terms such as “expects,” “plans,” “intends,” “should,” “could,” “may,” “forecasts,” “target,” “potential,” “anticipates,” or similar expressions.

Forward-Looking Statements

These include, in particular, statements regarding future gold prices, production volumes, processing capacities, construction and development plans, permits, investment decisions, financing, exploration results, project durations, production start-ups, costs, cash flows, net present values, internal rates of return, and the potential economic performance of the companies mentioned.

Forward-looking statements are based on the expectations, assumptions, and estimates in effect at the time of the respective company’s publication. These include, among other things, assumptions regarding commodity prices, exchange rates, interest rates, metallurgical recovery rates, grades, resources and reserves, capital and operating costs, permits, financing options, construction progress, available infrastructure, processing capacities, political stability, and the availability of personnel, energy, equipment, and services.

These assumptions may prove to be inaccurate. Actual events and results may differ materially from the expectations presented. Forward-looking statements are not guarantees of future results. Key performance indicators such as AISC, cash costs, free cash flow, net cash position, NPV, IRR, and comparable industry-standard metrics are, in some cases, not standardized financial metrics under IFRS. Their calculation may vary between companies and studies. They may therefore not be directly comparable with one another and should not be considered in isolation or as a substitute for audited IFRS financial information.

Non-standardized financial metrics and study figures

NPV, IRR, AISC, production, cost, and schedule figures are model-based study results or company forecasts. They are based on numerous assumptions and do not constitute guaranteed project results or a valuation of the respective stock. Investments in commodity, exploration, development, and mining companies are speculative and involve significant risks. These include, in particular: Shares of smaller commodity companies may be subject to significant price and liquidity fluctuations. A total loss of the capital invested is possible. The content was prepared with journalistic and editorial diligence. Nevertheless, the author and SRC do not guarantee that all information is accurate, complete, consistent, or up-to-date at all times. Errors, transcription errors, subsequent changes, and differing interpretations cannot be ruled out.

Specific Risks Associated with Commodity and Mining Stocks

• Fluctuations in commodity prices and exchange rates;
• general capital market, price, and liquidity risks;
• exploration, geological, and resource risks;
• variances in grades, recovery rates, and production volumes;
• permit, environmental, social, and legal risks;
• political, regulatory, and country-specific risks;
• construction, development, operational, and infrastructure risks;
• cost overruns, delays, and technical problems;
• financing risks and potential dilution of existing shareholders;
• tax changes and commodity-price-dependent levies;
• risks arising from accidents, natural disasters, labor disputes, and supply chain disruptions.

Warranty and Liability

Liability based on mandatory statutory provisions, as well as for willful misconduct, gross negligence, or damages resulting from injury to life, body, or health, remains unaffected. Otherwise, liability for damages arising from the use or non-use of the information contained herein is excluded to the extent permitted by law.

Linked external websites and documents are the responsibility of their respective operators or publishers. The inclusion of a link does not constitute an unrestricted endorsement of all statements contained therein. The content of the respective source at the time of access is authoritative. This publication is not intended for persons or jurisdictions in which its distribution, publication, or use would violate applicable law. In particular, it does not constitute a public offering of securities in Germany, Canada, the United States, or any other jurisdiction.

Distribution Restrictions

Recipients are solely responsible for complying with the legal and regulatory requirements applicable to them. 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 entirely with the respective publisher. In addition, the general disclaimer of SRC swiss resource capital AG applies at:

1. Use of AI-supported systems
2. Supplementary Provisions

https://www.resource-capital.ch/de/disclaimer-agb/