US Raw steel production up 2.4% from previous week

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.

[SMM PGM Flash] Generation Mining has begun early construction at its Marathon copper–palladium project in northwestern Ontario. Work started after the company posted a C$6.5 million bond covering construction-phase site rehabilitation. Its wider early-works programme is planned to include access-road upgrades, water-management structures and temporary power through late 2026 and into 2027. The start moves a potential North American palladium and platinum source into physical site work. Generation’s feasibility study estimates about 2.16 million payable ounces of palladium and 488,000 ounces of platinum over a 13-year mine life; these are forecasts, not production. The company also expects to make about C$30 million in initial equipment payments, subject to final contracts and approvals.