Bullion falls 0.9% as weekly decline reaches 3.4%

[SMM Gold flash] One Bullion has completed the second hole of its approximately 3,000-metre diamond-drilling programme at the Vumba gold project in northeastern Botswana. VUDD018 reached 350.85 metres at the Central–Makoba target, while drilling had started on the third hole, VUDD019. Preliminary visual logging recorded repeated silica–carbonate alteration, quartz–carbonate veining and arsenopyrite with lesser pyrite. The oblique hole gives the explorer a second structural view of the Central–Makoba system and will contribute to its three-dimensional geological model. No assays from VUDD018 were available, however, and visual alteration, veining and sulphides do not establish gold grade, mineralised width or economic significance. Laboratory results and QA/QC review are therefore required before the target can be assessed.

SMM Gold Flash] Afaq Mining has identified a deposit containing about 305,000 ounces of gold at the West Gabal Elba concession in Egypt’s southeastern desert, chairman Mostafa Elbahr told Reuters during the Egypt Mining Forum held on 28–29 September. The privately owned Egyptian company plans to invest about US$146 million over four to five years in further exploration and an initial production facility; the spending and production have not yet occurred. The disclosure adds a prospective source beyond Sukari, which currently dominates Egypt’s modern gold output. It also supports the government’s ambition to lift national production to 800,000 ounces annually by 2030 from roughly 500,000 ounces at Sukari. Reuters did not characterise Afaq’s figure as a mineable reserve or report that its facility had been built; commercial production would still depend on further technical work, permits and financing.

[SMM Gold Flash] On 30th September 2026, Asante Gold announced that its senior lenders, stream purchaser and hedge counterparty had agreed to extend its deadline for securing at least US$100 million in new funding to 31 October. The deadline for a cost-to-complete certificate moved to 31 March 2027. Asante said it had agreed funding terms with Fujairah Holding, which requested more time for internal approvals. Final approval and signed funding agreements remain outstanding. The extensions give Asante more time to address financing requirements affecting its operating Bibiani and Chirano gold mines in Ghana. They do not resolve the funding requirement: completion of the proposed package is the next material milestone.