SMM: Silver Market Remains Bullish Amid Rare Backwardation and Tight Supply

[SMM Gold Flash] Theta Gold Mines reports that construction of the processing plant at its TGME gold project in South Africa was approximately 72% complete at September-end. Twin ball mills had been installed, with work advancing across the crushing, milling, carbon-in-leach and gold-room areas. The quarterly report also confirmed receipt of US$37 million on 9 September under its US$90 million senior secured bond facility, following satisfaction of the associated equity-funding condition. The update records physical construction and funds drawn, while first gold remains a company target for 2027. Further installation, commissioning and operating preparation are required before the project contributes commercial supply. Theta expects another bond drawdown in early November, subject to applicable conditions. It also reported securing a 15-year water-use licence for Rietfontein, completing water-use licence coverage across the four mines in its development plan; that approval does not establish that all four mines are producing.