Agnico Eagle Reduces 2026 Gold Production Guidance
Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) saw its shares drop 3.8% in pre‑market trading on Thursday after announcing a reduction in its 2026 gold production outlook. The revision follows a rock mass movement that occurred on July 1, 2026 along the north wall of the Barnat open pit at the Canadian Malartic complex in Quebec, Canada. The company temporarily suspended mining at the pit as a precautionary measure; no injuries, equipment damage, or environmental impact were reported.
The incident is expected to cut gold output in the second half of 2026 by approximately 60,000 to 80,000 ounces. Consequently, full‑year 2026 production is now projected to be near the lower end of the previously disclosed guidance range of 3.3 million to 3.5 million ounces. Production for the second quarter of 2026 remains on schedule, with an expected output of about 845,000 ounces, slightly ahead of plan. During the suspension, the Canadian Malartic processing plant will be fed with low‑grade ore drawn from existing stockpiles to maintain throughput.
The Barnat open pit was originally slated to be mined out by early 2029. The current event is also projected to reduce gold production in both 2027 and 2028 by up to roughly 150,000 ounces per year. The company emphasized that the rock mass movement will not affect the development or production outlook for the Odyssey mine, nor will it alter the pathway to achieving an annual production target of 1 million ounces from the Canadian Malartic complex in the early 2030s.
Agnico Eagle indicated that it will provide further updates to its production and cost guidance when it releases its second‑quarter 2026 results on July 29, 2026.