Agnico Eagle cuts 2026 gold outlook after Quebec pit wall movement

Agnico Eagle Mines Limited (NYSE: AEM) reported that a rock mass movement occurred on July 1, 2026, along the north wall of the Barnat open pit at its Canadian Malartic complex in Quebec, Canada. The company said there were no injuries, equipment damage, or environmental impact from the event.

As a precautionary measure, Agnico Eagle temporarily suspended mining operations at the Barnat open pit. The affected area had been previously identified as having weaker geological structures and was subject to enhanced geotechnical monitoring. The company's technical teams are conducting a geotechnical assessment to confirm stability and determine next steps.

During the suspension, the Canadian Malartic processing plant will be supplied with low-grade ore from existing stockpiles. Second-quarter 2026 production was not affected, with the company expecting output of approximately 845,000 ounces of gold, slightly ahead of plan.

The company now expects the rock mass movement to reduce production in the second half of 2026 at Canadian Malartic by approximately 60,000 to 80,000 ounces of gold. As a result, full-year 2026 production is expected to be near the lower end of its previously disclosed guidance range of 3.3 million to 3.5 million ounces of gold.

The Barnat open pit had been expected to be mined out by early 2029. The event is currently expected to reduce production in both 2027 and 2028 by up to approximately 150,000 ounces of gold per year. Agnico Eagle said the rock mass movement is not expected to affect the development or production outlook for the Odyssey mine, and does not change its pathway to achieving annual production of one million ounces of gold from the Canadian Malartic complex in the early 2030s.

Further updates to production and cost guidance are scheduled to be provided with the company's second-quarter 2026 results, expected after market close on July 29, 2026.

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