Skeena plans to begin production at Eskay Creek in the second quarter of 2027, while Sierra Madre aims to resume operations at Del Toro in mid-2027. Both companies are thus establishing new precious metal production.
- Advertisement - This article is published on behalf of Sierra Madre Gold and Silver Ltd. and Skeena Resources Limited (Skeena Gold & Silver)! · Paid Relationship: SRC swiss resource capital AG has a paid IR advisory agreement with each of the two companies. · Author: SRC swiss resource capital AG · First published: October 13, 2026, 12:30 a.m. Berlin/Zurich ·
Dear Readers,
Gold and silver are considered scarce tangible assets — especially in an environment marked by geopolitical tensions, inflation, and, in some cases, very high government debt. While fiat currencies have lost purchasing power over long periods, gold is regarded as a proven store of value. Because precious metals sometimes move differently than stocks and bonds, they can help diversify a portfolio.
Recently, however, the gold price has faced headwinds: The yield on 10-year U.S. Treasury bonds rose to as high as 5.34 percent on October 1, the highest level since 2002. On September 30, gold was trading at around 4,156 U.S. dollars per ounce, well below its record high from January. The next major catalyst is expected to be the U.S. Federal Reserve’s meeting on October 27 and 28.
Real yields as a barometer for gold
When real yields rise, gold usually comes under pressure. This is what happened in 2013: Real yields rose by about 1.5 percentage points, and the price of gold fell by 28 percent. However, there is no automatic correlation. Between 2005 and 2007, real yields were clearly positive, and yet the price of gold nearly doubled during that period.
Demand via gold ETFs remains important. According to data from the World Gold Council, $18 billion flowed into physically backed gold ETFs worldwide in August, with holdings reaching a record high of 4,189 metric tons. With the price decline in September, outflows have recently resumed; from the largest gold ETF alone, SPDR Gold Shares, $603 million was withdrawn in the week ending September 12.
This is offset by robust demand from Asia and continued purchases by central banks. Silver is likely to remain volatile. However, growing demand from industry and investors could support silver investments in the longer term.
Sierra Madre: La Guitarra in Production, Del Toro to Follow
Sierra Madre Gold and Silver - https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver-ltd/ - began commercial production at La Guitarra in Mexico in January 2025. According to the company, processing capacity is initially set to increase from 500 to 750 to 800 metric tons per day. A second expansion phase is expected to enable processing of 1,200 to 1,500 metric tons per day by the third quarter of 2027.
With the acquisition of Del Toro, the company has taken over a second silver mine in Mexico from First Majestic Silver for up to $60 million. The property in the state of Zacatecas comprises three fully permitted underground mines and a flotation plant with a daily capacity of 3,000 metric tons, which was in operation between 2013 and 2019. Restart operations are scheduled to begin in mid-2027, and production at is planned for mid-2028, initially at a rate of approximately 800 metric tons per day. If successful, Sierra Madre will have two producing mines in Mexico.
Skeena: Eskay Creek Sets Course for 2027
Skeena Gold & Silver - https://www.commodity-tv.com/ondemand/companies/profil/skeena-gold-silver-ltd/ - (Skeena Resources Limited) is developing the Eskay Creek gold-silver project in British Columbia’s Golden Triangle. The former Barrick underground mine is being redeveloped as an open-pit mine. The project is fully permitted and under construction.
According to the company, initial production and cash flow are scheduled for the second quarter of 2027, with commercial production to follow later that year. Over the first five years, Skeena is targeting approximately 450,000 ounces of gold equivalent per year. The company expects Eskay Creek to rank among the highest-grade and lowest-cost precious metal open-pit mines worldwide.
In addition, Skeena owns Snip, another formerly producing mine, where approximately 1.1 million ounces of gold were historically mined between 1991 and 1999. An updated NI 43-101 technical report for Eskay Creek and Snip is intended to reassess the production profile and mine life.
Conclusion: Sierra Madre and Skeena Approach Milestones
Rising real yields are currently weighing on gold, but ETF demand, central bank purchases, and industrial demand for silver remain key supports. Skeena is on track to begin production at Eskay Creek in the second quarter of 2027. Sierra Madre is expanding La Guitarra and preparing to restart Del Toro in mid-2027. The key factors will be whether construction and ramp-up remain on schedule and within budget, and how precious metal prices develop by then.
Good luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG
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/
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
SRC Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/
Sources and Methodology
This report is based on company press releases and presentations; for Skeena, it also draws on mandatory filings with the U.S. Securities and Exchange Commission (SEC), as well as market data from the World Gold Council and other publicly available sources. Company sources are not considered independent sources. Last updated: October 6, 2026.
Sierra Madre, Del Toro Acquisition (December 17, 2025): https://www.newsfilecorp.com/release/278418
Sierra Madre, Del Toro antitrust clearance (May 22, 2026): https://www.stockwatch.com/News/Item/Z-C!SM-3823718/C/SM
The Northern Miner, La Guitarra / Del Toro Expansion: https://www.northernminer.com/news/pdac-video-sierra-madre-eyes-quicker-del-toro-restart/1003889665
Sierra Madre, Company Website: https://sierramadregoldandsilver.com/
Skeena, rebranding to Skeena Gold & Silver (January 31, 2025): https://stocktitan.net/news/SKE/skeena-gold-silver-announces-rebrand-to-reflect-significant-silver-6s8wcux9iiru.html
Skeena, Eskay Creek Project Status (Presentation, MarketBeat): https://finance.yahoo.com/markets/commodities/articles/skeena-resources-says-eskay-creek-170501766.html
Skeena, Timeline and Snip (2025 Annual Information Form, SEC): https://www.sec.gov/Archives/edgar/data/1713748/000110465926033959/ske-20251231xex99d1.htm
SRC, Skeena Company Page: https://www.resource-capital.ch/de/unternehmen/skeena-resources-ltd/
World Gold Council, Gold ETF Flows August 2026: https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows
GoldSilver, Outflows from SPDR Gold Shares (September 16, 2026): https://goldsilver.com/industry-news/goldsilver-news/gold-etf-outflow-fee-arbitrage-gld-gldm-iau/
Discovery Alert, U.S. Bond Yields (October 3, 2026): https://discoveryalert.com/analysis/gold-price-outlook-treasury-yields-october-2026/
The Rio Times, Gold Price September 30, 2026: https://www.riotimesonline.com/gold-silver-precious-metals-thursday-october-1-2026/
Xetra-Gold, Gold Price Trends 2013: https://www.xetra-gold.com/en/detail/annual-performance/
DAS INVESTMENT, Gold and Real Returns: https://www.dasinvestment.com/gold-realrenditen-korrelation-portfolio-diversifikation/
4investors / Goldinvest: https://www.4investors.de/nachrichten/goldinvest.php?sektion=goldinvest&ID=8494
Source of cover image: Sierra Madre
Advertisement, Commission, and Compensation
Advertisement – This article is a paid marketing and communications message commissioned by and on behalf of Sierra Madre Gold and Silver Ltd. and Skeena Resources Limited (trading as Skeena Gold & Silver). SRC swiss resource capital AG has a paid investor relations advisory agreement with each of these companies; the compensation is not performance-based. This article was not submitted to the companies for review or approval. This article is not an independent financial analysis, investment advice, individual investment recommendation, or a solicitation to buy, hold, or sell securities. No assessment is made of readers’ personal circumstances, investment objectives, knowledge, experience, or risk tolerance.
Creator, Author, and Responsible Party
The creator and publisher is SRC swiss resource capital AG. The author is Ingrid Heinritzi, a freelance journalist. The person responsible within the meaning of Section 18(2) of the German Media Services State Treaty (MStV) is Marc Ollinger, CEO of SRC swiss resource capital AG.
Conflicts of Interest and Positions
According to the information provided, the author holds no positions in the issuers discussed as of the date of publication. SRC swiss resource capital AG also holds no positions in the issuers discussed. None of the issuers holds a 5% or greater stake in SRC swiss resource capital AG. The author, employees, and affiliated companies of SRC swiss resource capital AG may in the future establish or liquidate positions (long/short) in the issuers discussed. Aside from the IR advisory agreements mentioned, there are no other business or financing relationships.
Sources, Technical Details, and Scope of Review
This report is based on public company announcements, project websites, mandatory disclosures, and other publicly available original sources. SRC swiss resource capital AG has not conducted its own resource estimate, drill data review, metallurgical study, feasibility study, or independent company valuation. Production targets, capacities, and timelines are company estimates; in the case of Eskay Creek, they are based on a 2023 feasibility study and subsequent company planning. Mineral resources or mineral reserves are not quantified in this article. The information regarding past production at the Snip Mine is historical data. Technical data may have been reviewed or approved by a Qualified Person as defined by NI 43-101, but has not been independently verified by SRC swiss resource capital AG.
Risks and Forward-Looking Statements
This article contains forward-looking statements, such as those regarding construction, the start of production, restart, capacity expansion, and production volumes. These statements are based on the companies’ assumptions and plans and are not a guarantee of future performance; actual results may differ materially. Significant risks include, in particular, construction and cost overruns, delays in ramping up production, geology and metallurgy, permits and environmental regulations, financing and dilution, gold and silver prices, exchange rates, as well as political and legal risks in Mexico and Canada. Shares of resource companies are speculative; a total loss of the capital invested is possible.
Regulatory Transparency and Timeliness
Disclosures are based, where applicable, on Article 20 of Regulation (EU) No. 596/2014 (MAR), Delegated Regulation (EU) 2016/958, Section 85 of the German Securities Trading Act (WpHG), as well as Section 52(2) of the Securities Act (British Columbia) and BC Notice 51-703 of the British Columbia Securities Commission. This document was last revised on October 6, 2026, and was first published on October 7, 2026. There is no obligation to update this document after publication; statutory obligations to correct information remain unaffected. Subsequent changes in the company’s, project’s, market’s, or legal situation may render individual statements obsolete.
Use of AI-Supported Systems
AI-supported systems may be used as editorial tools for research, analysis, structuring, and linguistic editing. Editorial responsibility for the published article rests with SRC swiss resource capital AG. AI systems do not replace the verification of underlying sources or an independent professional, technical, legal, or financial review.
No Warranty or Liability
All information has been compiled to the best of our knowledge and with journalistic diligence. No warranty is provided for the accuracy, completeness, or timeliness of any information. Liability is excluded to the extent permitted by law. This does not apply to damages resulting from intentional or grossly negligent conduct, to damages arising from injury to life, limb, or health, to mandatory statutory liability provisions, or to damages resulting from a breach of material obligations. In the event of a breach of material obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The respective operators are responsible for the content of external websites; linked pages are not subject to ongoing review.
This is not investment advice. This is not a solicitation to buy or sell securities.
Copyright and Distribution
© 2026 SRC swiss resource capital AG. Reproduction and distribution, even in part, are permitted only with prior consent. In addition, the disclaimer of SRC swiss resource capital AG applies: Disclaimer/Terms and Conditions: https://www.resource-capital.ch/de/disclaimer-agb/
- Advertisement - This article is published on behalf of Sierra Madre Gold and Silver Ltd. and Skeena Resources Limited (Skeena Gold & Silver)! · Paid Relationship: SRC swiss resource capital AG has a paid IR advisory agreement with each of the two companies. · Author: SRC swiss resource capital AG · First published: October 13, 2026, 12:30 a.m. Berlin/Zurich ·
Dear Readers,
Gold and silver are considered scarce tangible assets — especially in an environment marked by geopolitical tensions, inflation, and, in some cases, very high government debt. While fiat currencies have lost purchasing power over long periods, gold is regarded as a proven store of value. Because precious metals sometimes move differently than stocks and bonds, they can help diversify a portfolio.
Recently, however, the gold price has faced headwinds: The yield on 10-year U.S. Treasury bonds rose to as high as 5.34 percent on October 1, the highest level since 2002. On September 30, gold was trading at around 4,156 U.S. dollars per ounce, well below its record high from January. The next major catalyst is expected to be the U.S. Federal Reserve’s meeting on October 27 and 28.
Real yields as a barometer for gold
When real yields rise, gold usually comes under pressure. This is what happened in 2013: Real yields rose by about 1.5 percentage points, and the price of gold fell by 28 percent. However, there is no automatic correlation. Between 2005 and 2007, real yields were clearly positive, and yet the price of gold nearly doubled during that period.
Demand via gold ETFs remains important. According to data from the World Gold Council, $18 billion flowed into physically backed gold ETFs worldwide in August, with holdings reaching a record high of 4,189 metric tons. With the price decline in September, outflows have recently resumed; from the largest gold ETF alone, SPDR Gold Shares, $603 million was withdrawn in the week ending September 12.
This is offset by robust demand from Asia and continued purchases by central banks. Silver is likely to remain volatile. However, growing demand from industry and investors could support silver investments in the longer term.
Sierra Madre: La Guitarra in Production, Del Toro to Follow
Sierra Madre Gold and Silver - https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver-ltd/ - began commercial production at La Guitarra in Mexico in January 2025. According to the company, processing capacity is initially set to increase from 500 to 750 to 800 metric tons per day. A second expansion phase is expected to enable processing of 1,200 to 1,500 metric tons per day by the third quarter of 2027.
With the acquisition of Del Toro, the company has taken over a second silver mine in Mexico from First Majestic Silver for up to $60 million. The property in the state of Zacatecas comprises three fully permitted underground mines and a flotation plant with a daily capacity of 3,000 metric tons, which was in operation between 2013 and 2019. Restart operations are scheduled to begin in mid-2027, and production at is planned for mid-2028, initially at a rate of approximately 800 metric tons per day. If successful, Sierra Madre will have two producing mines in Mexico.
Skeena: Eskay Creek Sets Course for 2027
Skeena Gold & Silver - https://www.commodity-tv.com/ondemand/companies/profil/skeena-gold-silver-ltd/ - (Skeena Resources Limited) is developing the Eskay Creek gold-silver project in British Columbia’s Golden Triangle. The former Barrick underground mine is being redeveloped as an open-pit mine. The project is fully permitted and under construction.
According to the company, initial production and cash flow are scheduled for the second quarter of 2027, with commercial production to follow later that year. Over the first five years, Skeena is targeting approximately 450,000 ounces of gold equivalent per year. The company expects Eskay Creek to rank among the highest-grade and lowest-cost precious metal open-pit mines worldwide.
In addition, Skeena owns Snip, another formerly producing mine, where approximately 1.1 million ounces of gold were historically mined between 1991 and 1999. An updated NI 43-101 technical report for Eskay Creek and Snip is intended to reassess the production profile and mine life.
Conclusion: Sierra Madre and Skeena Approach Milestones
Rising real yields are currently weighing on gold, but ETF demand, central bank purchases, and industrial demand for silver remain key supports. Skeena is on track to begin production at Eskay Creek in the second quarter of 2027. Sierra Madre is expanding La Guitarra and preparing to restart Del Toro in mid-2027. The key factors will be whether construction and ramp-up remain on schedule and within budget, and how precious metal prices develop by then.
Good luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG
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/
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
SRC Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/
Sources and Methodology
This report is based on company press releases and presentations; for Skeena, it also draws on mandatory filings with the U.S. Securities and Exchange Commission (SEC), as well as market data from the World Gold Council and other publicly available sources. Company sources are not considered independent sources. Last updated: October 6, 2026.
Sierra Madre, Del Toro Acquisition (December 17, 2025): https://www.newsfilecorp.com/release/278418
Sierra Madre, Del Toro antitrust clearance (May 22, 2026): https://www.stockwatch.com/News/Item/Z-C!SM-3823718/C/SM
The Northern Miner, La Guitarra / Del Toro Expansion: https://www.northernminer.com/news/pdac-video-sierra-madre-eyes-quicker-del-toro-restart/1003889665
Sierra Madre, Company Website: https://sierramadregoldandsilver.com/
Skeena, rebranding to Skeena Gold & Silver (January 31, 2025): https://stocktitan.net/news/SKE/skeena-gold-silver-announces-rebrand-to-reflect-significant-silver-6s8wcux9iiru.html
Skeena, Eskay Creek Project Status (Presentation, MarketBeat): https://finance.yahoo.com/markets/commodities/articles/skeena-resources-says-eskay-creek-170501766.html
Skeena, Timeline and Snip (2025 Annual Information Form, SEC): https://www.sec.gov/Archives/edgar/data/1713748/000110465926033959/ske-20251231xex99d1.htm
SRC, Skeena Company Page: https://www.resource-capital.ch/de/unternehmen/skeena-resources-ltd/
World Gold Council, Gold ETF Flows August 2026: https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows
GoldSilver, Outflows from SPDR Gold Shares (September 16, 2026): https://goldsilver.com/industry-news/goldsilver-news/gold-etf-outflow-fee-arbitrage-gld-gldm-iau/
Discovery Alert, U.S. Bond Yields (October 3, 2026): https://discoveryalert.com/analysis/gold-price-outlook-treasury-yields-october-2026/
The Rio Times, Gold Price September 30, 2026: https://www.riotimesonline.com/gold-silver-precious-metals-thursday-october-1-2026/
Xetra-Gold, Gold Price Trends 2013: https://www.xetra-gold.com/en/detail/annual-performance/
DAS INVESTMENT, Gold and Real Returns: https://www.dasinvestment.com/gold-realrenditen-korrelation-portfolio-diversifikation/
4investors / Goldinvest: https://www.4investors.de/nachrichten/goldinvest.php?sektion=goldinvest&ID=8494
Source of cover image: Sierra Madre
Advertisement, Commission, and Compensation
Advertisement – This article is a paid marketing and communications message commissioned by and on behalf of Sierra Madre Gold and Silver Ltd. and Skeena Resources Limited (trading as Skeena Gold & Silver). SRC swiss resource capital AG has a paid investor relations advisory agreement with each of these companies; the compensation is not performance-based. This article was not submitted to the companies for review or approval. This article is not an independent financial analysis, investment advice, individual investment recommendation, or a solicitation to buy, hold, or sell securities. No assessment is made of readers’ personal circumstances, investment objectives, knowledge, experience, or risk tolerance.
Creator, Author, and Responsible Party
The creator and publisher is SRC swiss resource capital AG. The author is Ingrid Heinritzi, a freelance journalist. The person responsible within the meaning of Section 18(2) of the German Media Services State Treaty (MStV) is Marc Ollinger, CEO of SRC swiss resource capital AG.
Conflicts of Interest and Positions
According to the information provided, the author holds no positions in the issuers discussed as of the date of publication. SRC swiss resource capital AG also holds no positions in the issuers discussed. None of the issuers holds a 5% or greater stake in SRC swiss resource capital AG. The author, employees, and affiliated companies of SRC swiss resource capital AG may in the future establish or liquidate positions (long/short) in the issuers discussed. Aside from the IR advisory agreements mentioned, there are no other business or financing relationships.
Sources, Technical Details, and Scope of Review
This report is based on public company announcements, project websites, mandatory disclosures, and other publicly available original sources. SRC swiss resource capital AG has not conducted its own resource estimate, drill data review, metallurgical study, feasibility study, or independent company valuation. Production targets, capacities, and timelines are company estimates; in the case of Eskay Creek, they are based on a 2023 feasibility study and subsequent company planning. Mineral resources or mineral reserves are not quantified in this article. The information regarding past production at the Snip Mine is historical data. Technical data may have been reviewed or approved by a Qualified Person as defined by NI 43-101, but has not been independently verified by SRC swiss resource capital AG.
Risks and Forward-Looking Statements
This article contains forward-looking statements, such as those regarding construction, the start of production, restart, capacity expansion, and production volumes. These statements are based on the companies’ assumptions and plans and are not a guarantee of future performance; actual results may differ materially. Significant risks include, in particular, construction and cost overruns, delays in ramping up production, geology and metallurgy, permits and environmental regulations, financing and dilution, gold and silver prices, exchange rates, as well as political and legal risks in Mexico and Canada. Shares of resource companies are speculative; a total loss of the capital invested is possible.
Regulatory Transparency and Timeliness
Disclosures are based, where applicable, on Article 20 of Regulation (EU) No. 596/2014 (MAR), Delegated Regulation (EU) 2016/958, Section 85 of the German Securities Trading Act (WpHG), as well as Section 52(2) of the Securities Act (British Columbia) and BC Notice 51-703 of the British Columbia Securities Commission. This document was last revised on October 6, 2026, and was first published on October 7, 2026. There is no obligation to update this document after publication; statutory obligations to correct information remain unaffected. Subsequent changes in the company’s, project’s, market’s, or legal situation may render individual statements obsolete.
Use of AI-Supported Systems
AI-supported systems may be used as editorial tools for research, analysis, structuring, and linguistic editing. Editorial responsibility for the published article rests with SRC swiss resource capital AG. AI systems do not replace the verification of underlying sources or an independent professional, technical, legal, or financial review.
No Warranty or Liability
All information has been compiled to the best of our knowledge and with journalistic diligence. No warranty is provided for the accuracy, completeness, or timeliness of any information. Liability is excluded to the extent permitted by law. This does not apply to damages resulting from intentional or grossly negligent conduct, to damages arising from injury to life, limb, or health, to mandatory statutory liability provisions, or to damages resulting from a breach of material obligations. In the event of a breach of material obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The respective operators are responsible for the content of external websites; linked pages are not subject to ongoing review.
This is not investment advice. This is not a solicitation to buy or sell securities.
Copyright and Distribution
© 2026 SRC swiss resource capital AG. Reproduction and distribution, even in part, are permitted only with prior consent. In addition, the disclaimer of SRC swiss resource capital AG applies: Disclaimer/Terms and Conditions: https://www.resource-capital.ch/de/disclaimer-agb/
