Gold Extends Losses After Former FBI Director's Prepared Testimony Remarks

[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 Gold Flash] A draft mining bill reviewed by Reuters on 30 September would let Ghana’s mines minister require companies to issue the state a free special share with consent rights over major transactions. It would retain the existing 10% free-carried state interest and limit mining leases to 15 years or the projected mine life, whichever is shorter. The draft would also allow future rules requiring local processing and restricting exports of unprocessed concentrates. None of these proposals has been enacted; Reuters did not establish when the draft was prepared. For Ghana’s gold miners, the proposed rights and shorter leases could affect financing, valuations and renewal decisions. Under the draft, existing rights holders seeking renewal would receive priority consideration for equivalent licences. Mining companies expect further consultation before parliamentary debate, Reuters reported. The final wording and timing remain uncertain.

[SMM Gold Flash] Ariana Resources said on 30 September that three of 12 planned water boreholes had been completed north of its Dokwe gold project in Zimbabwe. The third hole, about 10 km from the deposit, encountered what the company described as strong flows of good-quality water; it did not disclose a sustained pumping yield. Ariana also reported completion of six geotechnical holes totalling 1,251 metres at Dokwe Central. Laboratory testing and an independent mineral resource estimate remain in progress. A dependable water source and geotechnical data are needed to design the proposed processing plant and open pit. The results advance the feasibility work but do not establish mine water supply capacity or a final reserve. Ariana plans further sterilisation drilling and surveys; those programmes had not begun in this announcement, and Dokwe is not producing gold.