Advertisement/Advertising – This article is distributed on behalf of GoGold Resources Inc. and Amex Exploration Inc., with whom SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: 29/04/2026, 5:20 p.m.

There is consensus that demand for silver, which has been in deficit for years, will rise. About 70 percent of silver mining does not come from primary silver mines but is a byproduct. Most of the silver comes from copper, lead, zinc, and gold ores. This naturally affects the price of the precious metal. If, for example, the price of copper was to fall, a reduction in copper production would be possible. Then less silver would also be produced, regardless of the current silver price.

Mining requires certain raw materials. Sulfur is necessary for copper mining, as it is the basis for sulfuric acid and thus leaching processes. And about 50 percent of sulfur comes through the Strait of Hormuz. Supply chain concerns are currently mounting. If, as announced, China also stops exporting sulfur, then an important commodity will be missing, as China’s sulfuric acid production accounts for about 40 percent of total global production.

This could ultimately lead to a further reduction in silver production if, as expected, copper mining suffers from a sulfuric acid shortage, which would likely result in higher silver prices.

The situation is different for gold mining. Here, just under 11 percent is extracted as a byproduct of mining other raw materials. Only about 8 percent of the gold mined worldwide is used for industrial purposes. As is well known, more than half of silver goes into industrial processing. In gold mining, silver is one of the most common byproducts, similar to copper. In any case, gold and silver have increasingly come into the spotlight of private and institutional investors due to price developments in recent months.

Amex Exploration – https://www.commodity-tv.com/ondemand/companies/profil/amex-exploration-inc/ – is one of the notable young gold companies. The focus is on profitable gold projects in mining-friendly Quebec. The Perron gold project of Amex Exploration, in particular, hosts large and high-grade gold deposits. It is 100 percent owned by the company and stands out with excellent infrastructure and a positive feasibility study.

GoGold Resources – https://www.commodity-tv.com/ondemand/companies/profil/gogold-resources-inc/ – produces gold and silver in Mexico. In the second quarter ending March 31, 2026, the company produced over 230,000 ounces of silver, approximately 2,500 ounces of gold, as well as 84 metric tons of copper and 93 metric tons of zinc, amounting to nearly 400,000 ounces of silver equivalent. The Parral Tailings Project is located in the state of Chihuahua. The company expects construction to begin soon on the advanced Los Ricos underground mining project.

For further information, please refer to our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources: Amex Exploration, GoGold Resources,

https://priceonn.com/nachrichten/hormus-strasse-blockade-bedroht-bergbau-friedlands-dustere;

https://www.deutsche-rohstoffagentur.de/DERA/SharedDocs/Downloads/CdM/DERA%202024_cdm_10_Gold.pdf?__blob=publicationFile&v=2;

https://www.goldankauf123.de/blog/welche-metallen-werden-beim-goldabbau-als-nebenprodukte-gefunden/;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

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