Resolute Mining Cuts 2026 Output Guidance as Syama Struggles to Recover
Key Takeaways
- Resolute Mining has revised full-year Syama gold production guidance down to 150–160 koz at an AISC of $2,300–$2,400/oz, with Group guidance cut to 205–225 koz at $2,250–$2,350/oz.
- Syama produced only 74 koz in H1 2026, with Q2 contributing just 30 koz and July–August combined reaching a low of 15.5 koz — the recovery task in H2 is substantial.
- Q4 2026 Syama production is expected to recover to 45–50 koz, contingent on a new mining contractor mobilising additional equipment in September–October and an on-site emulsion plant commissioning by November 2026.
- Mako in Senegal remains on guidance at 55–65 koz, and Doropo in Côte d'Ivoire is on schedule and on budget with first concrete pour expected October 2026.
- The revised AISC of $2,300–$2,400/oz still leaves a meaningful margin against the $4,000/oz gold price assumption, but compresses returns and raises sensitivity to any gold price pullback.
Syama challenges force Resolute to cut 2026 production guidance
Persistent operational disruption at its flagship Syama Gold Mine in Mali has forced Resolute Mining to formally revise its full-year production and cost guidance. This is not a one-off setback: the company has now flagged ongoing challenges across underground mining, open pit mining, and the sulphide processing circuit that have compounded through the year.
Revised full-year Syama guidance now stands at 150–160 koz gold production at an All-In Sustaining Cost (AISC) of $2,300–$2,400/oz. At the Group level, production guidance has been revised to 205–225 koz at a Group AISC of $2,250–$2,350/oz, based on a gold price assumption of $4,000/oz.
For context, Syama produced just 74 koz in H1 2026, with Q2 contributing only 30 koz. The revised guidance makes clear that the second half of 2026 faces a significant recovery task.
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What’s gone wrong at Syama — and what’s being done about it
Underground and open pit constraints
Underground mining at Syama has been constrained by intermittent explosive supply throughout the wet season. Low emulsion availability forced substitution with ANFO where possible, while wet conditions delayed development and slowed access to new draw points. The cumulative effect was reduced ore availability and an increased reliance on lower-grade stockpiles.
In the open pit, A21 mining progressed below planned rates, delaying access to higher-grade ore. The company has responded by transitioning to a new mining contractor, with an accelerated mobilisation programme underway.
The low point came in July and August, when total gold poured across both months reached just 15.5 koz combined. Anticipated September production of approximately 15 koz signals the beginning of a recovery trend, with Q3 2026 gold production expected to be around 31 koz and Q4 2026 expected to increase to 45–50 koz.
Corrective actions underway
Management has implemented a range of corrective actions to stabilise operations:
- Construction of an on-site emulsion plant, with commissioning planned by November 2026, to address the ongoing explosives supply disruption
- New mining contractor mobilisation, with additional equipment scheduled to arrive during September and October
- Increased fleet capacity and improved equipment availability in the open pits
- Broader supply chain work to ease delays on critical consumables and equipment imports
Management has noted that stable operating results remain dependent on improved certainty regarding the movement and availability of key mining inputs within Mali. The operational recovery is conditional on these external constraints continuing to ease.
Understanding AISC — and why the number matters for RSG investors
AISC, or All-In Sustaining Cost, is the total cost to produce one ounce of gold. It includes mining, processing, sustaining capital expenditure, and overhead costs. It is the most widely used measure of profitability at the mine level because it tells you how much margin a miner actually captures at a given gold price.
At a revised Syama AISC of $2,300–$2,400/oz, the margin against a $4,000/oz gold price assumption is still a meaningful buffer, and the CEO explicitly references the “strong gold price environment” as a partial offset. But the original guidance would have delivered a wider margin at lower cost. The revision compresses returns and raises the sensitivity of Syama’s profitability to any gold price pullback or further cost blowout.
The rest of the business: Mako steady, Doropo on track
While Syama has underperformed, the company’s other assets and growth projects are tracking well. Mako in Senegal is on guidance, Doropo in Côte d’Ivoire is on schedule and on budget, and the ABC project is advancing through an extensive drilling programme.
| Asset | Location | Status | Key Metric | Notes |
|---|---|---|---|---|
| Mako | Senegal | On guidance | 55–65 koz at AISC $1,600–$1,800/oz | Stockpile processing on track |
| Doropo | Côte d’Ivoire | On schedule and on budget | First concrete pour expected October 2026 | Kilosegui drilling up to 30,000m; results expected Q1 2027 |
| ABC | Côte d’Ivoire | Active drilling | 114 holes, 16,000m drilled, 11 rigs on site | Expanded Inferred Mineral Resource Estimate announced July 2026 |
La Debo is also progressing as part of the broader Côte d’Ivoire exploration pipeline, with field programmes, target evaluation, and regional growth activities continuing in line with the wider programme.
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CEO’s assessment — recovery underway, 2027 outlook intact
Chris Eger, Chief Executive Officer
“Despite continued efforts to improve operational performance, the challenging operating environment in Mali has resulted in production remaining below expectations, requiring an update to the Company’s guidance. The issues are understood, and corrective actions are underway across underground mining, open pit mining and the sulphide processing circuit. What is encouraging is that operational performance is increasing since July and we are starting to attain our operating budget despite the on-going challenges in Mali. Our immediate focus is on stabilising explosives supply through the construction of our emulsion plant as well as working with our mining contractor to increase fleet availability and overall equipment. While the near-term impact at Syama is disappointing, the broader business remains supported by a strong gold price environment and disciplined cost management. These actions will enable us to continue generating positive returns and build a stronger platform for operational performance in 2027.”
The key signals management is pointing to are encouraging, even if the headline numbers are sobering. Performance has been improving since the July low point, with September tracking closer to budget. Q4 2026 Syama production is expected to recover to 45–50 koz, and the commissioning of the on-site emulsion plant by November 2026 represents the structural fix management is counting on for explosives supply.
For investors tracking this recovery, the key milestones to watch are the Q3 2026 quarterly report (which will confirm whether September’s improvement has held), updates on the new contractor’s mobilisation progress, and confirmation that the emulsion plant has commissioned on schedule.
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