Gold-Silver Ratio: Why Silver Is a Good Bet – Spotlight on Endeavour and Vizsla

Third-Party Recommendation (Art. 8 DelVO 2016/958): Unaltered reproduction of a promotional article created by a third party · Original creator: SRC swiss resource capital AG · Initial publication (original): September 5, 2026, 7:30 a.m. Berlin/Zurich · Link to the original publication ·

Advertisement – This article is distributed on behalf of Endeavour Silver Corp. and Vizsla Silver Corp., with which SRC swiss resource capital AG has paid IR consulting agreements. · Creator: SRC swiss resource capital AG · Author: Freelance Journalist · First published: September 5, 2026, 7:30 a.m. Zurich/Berlin ·

Dear Readers,

Gold and silver often move in tandem, but they serve different functions in the market. Gold is heavily influenced by central bank purchases, reserve decisions, and safe-haven demand. Silver, in addition, has an industrial demand component. The gold-silver ratio describes how many ounces of silver are mathematically equivalent to the value of one ounce of gold.

The latest Market Trend Report, “Is the Gold:Silver Ratio Relevant Today?”, was prepared by Precious Metals Insights on behalf of the Silver Institute. The analysis examines trends spanning more than 3,000 years, as well as price, supply, and demand data from 1970 to 2026. The result: The correlation between gold and silver has strengthened over the past two decades. At the same time, the ratio exhibits a long-term tendency to revert to the mean. According to the study, the equilibrium lies at just under 60:1.

Particularly relevant is the explanation for the recent deviation: Strong demand for gold from central banks is likely to have pushed the ratio above its long-term equilibrium. This can be interpreted as an indication of relative catch-up potential for silver, but it is no guarantee of a specific price trend.

Fundamental conditions remain constructive

In addition to the ratio, the supply side also calls for careful monitoring of the silver market. The Silver Institute expects a sixth consecutive structural deficit in 2026. According to the industry forecast, physical investment demand is set to rise by 20% to 227 million ounces. At the same time, high prices in certain applications may lead to material savings or substitution. Data centers, artificial intelligence, and automotive applications are cited as structural demand drivers.

For producers, a higher silver price generally boosts revenue. Developers can also benefit from the revaluation of studies, resources, and financing. Both remain dependent on metal prices, costs, permits, and operational implementation.

Endeavour Silver: Production Meets Growth

Endeavour Silver - https://www.commodity-tv.com/ondemand/companies/profil/endeavour-silver-corp/ - is already a producer and, according to the company, operates three mines in Mexico and Peru. In the second quarter of 2026, 1,943,955 ounces of silver and 10,474 ounces of gold were produced; resulting in 3,437,794 ounces of silver equivalent. For the first half of the year, the company reported 6,779,737 ounces of silver equivalent. Operating cash flow before taxes from mining operations totaled $99.9 million in the second quarter, and cash and cash equivalents as of June 30, 2026, stood at $236.6 million.

The operational story is complemented by ongoing ramp-ups. At Kolpa, a significant portion of the plant expansion was brought online in the first quarter; in the second quarter, throughput increased by 36% compared to the first quarter. At Terronera, the LNG plant is operational according to the company, while the ramp-up of the mining complex is expected to continue in the third quarter of 2026. For investors, this creates a combination of ongoing production, additional throughput, and the potential for operational improvements to bolster earnings quality.

Vizsla Silver: Panuco Moves Closer to Implementation

Vizsla Silver - https://www.commodity-tv.com/ondemand/companies/profil/vizsla-silver-corp/ - is developing the Panuco Silver-Gold Project, which it owns 100 percent, in the Mexican state of Sinaloa. The feasibility study, completed in November 2025, projects an average of 17.4 million ounces of silver equivalent per year over an initial mine life of 9.4 years. Based on the metal price assumptions used in the study - $35.50 per ounce of silver and $3,100 per ounce of gold - the study reported a post-tax NPV5 of $1.8 billion, an IRR of 111%, and a payback period of seven months.

Since the study was published, Vizsla has reported further progress toward implementation. In April 2026, EPCM and mine planning contracts were awarded, followed in June by an agreement for the delivery of key processing equipment. Initial engineering and procurement activities were subsequently authorized. The equipment is initially intended to support a processing plant with a daily capacity of 3,300 metric tons and enable a later expansion to 4,000 metric tons. The company continues to cite the second half of 2027 as the target for first silver production. According to the company, a final production decision has not yet been made; detailed planning, financing, and the necessary permits, among other factors, are key to this decision.

Upcoming Milestones

• Endeavour Silver: continued ramp-up at Terronera, utilization of the expanded Kolpa capacity, and the development of production, costs, and cash flow in the coming quarters.
• Vizsla Silver: Progress on permits, detailed planning, equipment, mine development, and financing, as well as preparations for the announced production start in the second half of 2027.
• Ratio and Market: Whether a move toward long-term equilibrium will actually translate into relative strength in silver prices remains dependent on price trends, demand, interest rates, currencies, and investor flows.

Conclusion: Two Different Investments to Benefit from Silver

The gold-silver ratio provides a clear framework for comparing the two precious metals. Endeavour Silver combines this market momentum with ongoing production, cash flow, and operational ramp-up.

Vizsla Silver, on the other hand, offers a research-backed development outlook with clearly defined technical and economic milestones. The positive investment story remains contingent on certain conditions: metal prices, cost control, permits, financing, and technical implementation must all align.

If the companies achieve their next targets, capital market interest in both stocks should continue to rise.

Current company information and press releases from Endeavour Silver (-  https://www.resource-capital.ch/de/unternehmen/endeavour-silver-corp/ -) and Vizsla Silver (- https://www.resource-capital.ch/de/unternehmen/vizsla-silver-corp/  -).

Good luck and best regards

Yours,

Marc Ollinger

Swiss Resource Capital AG

Sources and Methodology

Data as of: September 4, 2026, unless otherwise stated in the text. Industry reports, company announcements, company websites, and technical studies were used. AgEq figures are based on the respective companies’ assumptions and are not readily comparable across different companies.

Silver Institute: Gold-Silver Ratio Study / Precious Metals Insights

Silver Institute: 2026 Outlook on Supply, Demand, and Deficit

Endeavour Silver: Q2 2026 Financial Results

Endeavour Silver: Corporate Presentation, September 2026

Vizsla Silver: Feasibility Study for Panuco

Vizsla Silver: EPCM and Mine Planning Contracts

Vizsla Silver: Equipment Supply Agreement

Disclaimer and Disclosure

Promotional Nature: This article is a paid marketing communication or advertorial and is distributed on behalf of Endeavour Silver Corp. and Vizsla Silver Corp. SRC swiss resource capital AG has paid IR/communications contracts with both companies. This is expressly indicated in a prominent location.

No Investment Advice: This article does not constitute independent financial analysis, investment advice, an investment recommendation, or a solicitation to buy, sell, or hold securities or other financial instruments. It does not take into account the personal circumstances, investment objectives, or risk tolerance of individual readers and is not intended to serve as the basis for an individual investment decision.

Author and Company Information: The publisher and author profile is SRC swiss resource capital AG; the author is a freelance journalist. According to the information available, the author does not hold any shares, options, warrants, other derivatives, or direct short positions in Endeavour Silver Corp. or Vizsla Silver Corp. According to the information available, SRC’s net position in the issuers discussed is less than 0.5% in each case. According to the information available, neither issuer is known to hold a stake of at least 5% in SRC swiss resource capital AG.

No Prior Review: This article was not fact-checked, commented on, or approved by either company prior to publication. There was no prior consultation or approval by the companies.

Sources and Independence: The editorial content is based on the industry reports, company announcements, company websites, and technical studies linked in the article. The information has been editorially reviewed; however, no independent geological assessment, no proprietary valuation model, and no proprietary technical feasibility study were prepared. Company information and study data are identified as such.

Technical and Economic Information: Mineral resources are not mineral reserves and do not constitute proof of economic viability. A feasibility study is a model based on specific assumptions; its key figures are no guarantee of actual production, economic viability, or the value of a project. Drilling results, resources, reserves, metallurgy, costs, production targets, and timelines are subject to change. Silver-equivalent (AgEq) figures are based on the respective company’s assumptions and are not automatically comparable across issuers.

Forward-Looking Statements: Statements regarding the planned start of production at Panuco, potential capacity expansions, permits, financing, ramp-ups, costs, cash flows, or potential increased capital market attention are forward-looking statements or editorial assessments. They are based on the company’s statements and assumptions as stated and may prove to be inaccurate . Actual results may differ materially, particularly due to fluctuations in metal prices and exchange rates, inflation, cost increases, financing, dilution, permits, environmental and social requirements, security conditions, infrastructure, supply chains, technical implementation, operational disruptions, geology, and changes in project parameters.

Mining and Securities Risks: Investments in exploration, development, and mining companies are speculative and may result in significant losses, including the complete loss of the capital invested. Past price or company performance is not a reliable indicator of future results. Even for companies already in production, risks exist, including those related to metal prices, costs, reserves, operations, the environment, permits, financing, and debt.

Regulatory Classification: This disclosure is based on the transparency requirements for financial communications and investment recommendations pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) No. 596/2014 (MAR) and Delegated Regulation (EU) 2016/958, as well as the British Columbia Securities Commission’s guidance on promotional communications. Neither BaFin nor the BCSC has approved or reviewed this article, the securities mentioned, or the accuracy of the information provided.

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Data Status and Updates: Initial publication: September 5, 2026, 7:30 a.m. Europe/Berlin. There is no obligation to provide ongoing updates. The most current original announcements and regulatory filings by the issuers shall prevail.

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