Goldman Sachs: A Super Cycle of Commodities in The Cards

Zambia’s planned gold ETF could bring global gold investment closer to home. LuSE targets an October 2026 launch, offering exposure without personal bullion storage. But a local listing does not mean buying Zambian gold or financing its mines. Investor gains will depend on gold prices, exchange rates and trading costs. With final terms and trading commencement still unconfirmed, the real test is affordable access, active trading and any proven link to domestic producers. Execution will be vital.

[SMM Gold Flash] Thor Explorations' Segilola mine in Nigeria poured 15,515 ounces of gold in the third quarter, down from 19,153 ounces in the preceding quarter and 22,617 ounces a year earlier. The company said severe rainfall in late August disrupted mining and cut its 2026 production guidance to 70,000–72,000 ounces from 75,000–85,000 ounces. The plant processed 249,607 tonnes at an average grade of 2.10 grammes per tonne and 92.8% recovery. Thor sold 19,000 ounces during the quarter at an average realised price of US$4,297 per ounce, reporting revenue of US$81.7 million. Sales exceeded the quarter’s gold pour but do not indicate a recovery in mine output. The company maintained its 2026 all-in sustaining cost guidance of US$1,000–1,200 per ounce, which remains a forecast.

[SMM Gold Flash] Xtra-Gold reports that an independent Mineral Resource Estimate for Ghana’s Kibi project, effective 1 October, raised Indicated resources 33% to 1.4049 million oz. The estimate comprises 39.007 million tonnes grading 1.12 g/t gold, plus 5.693 million tonnes at 0.99 g/t containing 180,800 Inferred oz, using a 0.5 g/t cut-off. It incorporates 123 additional diamond holes totalling 27,384.5 metres since the 2024 estimate. Mineral Resources are not Mineral Reserves and do not establish mine economics or production. The headline total includes 156,100 Indicated oz in a buffer zone between the existing Apapam mining lease and forest-reserve boundary; Xtra-Gold said formal approval of its lease-extension application remains outstanding and is not assured. Within the current licence area, the estimate contains 1.2488 million Indicated oz and 180,800 Inferred oz.