Syama Slump Forces Resolute to Cut 2026 Gold Guidance by a Quarter

Resolute Mining has cut Syama’s 2026 gold-production guidance by roughly a quarter after logistics, explosives shortages and equipment delays in Mali pushed July and August output down to just 15,500 ounces. The mine is now expected to produce 150,000-160,000 ounces this year, versus the previous 195,000-210,000-ounce range, while all-in sustaining cost guidance has risen to $2,300-$2,400 an ounce from $1,950-$2,150.1\n\nThe downgrade turns Syama’s recovery into a measurable fourth-quarter problem rather than a generic operating-risk story. Resolute expects September production of about 15,000 ounces, taking Q3 to roughly 31,000 ounces, before a planned step-up to 45,000-50,000 ounces in Q4.1 Hitting that range would require a material improvement from the July-August run rate.\n\nThe causes are operational and logistical. Resolute says delays moving critical mining inputs through Mali constrained fleet availability and explosives supply across underground and open-pit mining. Lower ore availability delayed access to higher-grade zones and affected sulphide-plant throughput and recovery.1 The same broad constraints were already visible in June, when the company warned that road insecurity and disrupted explosives deliveries were reducing access to higher-grade sulphide ore.2\n\nThe response is becoming more structural. Resolute is building an on-site emulsion plant for commissioning in November to reduce dependence on intermittent explosives deliveries. At the A21 open pit, it is increasing fleet capacity and transitioning to a new mining contractor, with additional equipment scheduled to arrive during September and October.1\n\nThat matters because Syama’s problem is not simply tonnes mined. The sulphide circuit depends on consistent access to suitable ore and stable roasting and recovery performance. Resolute’s June-quarter report showed Q2 Syama production of 29,881 ounces at AISC of $2,654 an ounce, with sulphide recovery at 75%.3 Lower feed availability and delayed higher-grade ore therefore hit both output and unit economics.\n\nThe downgrade also changes the group picture. Resolute now guides to 205,000-225,000 ounces for 2026 at group AISC of $2,250-$2,350 an ounce, based on a $4,000 gold-price assumption.1 Mako in Senegal remains on track for 55,000-65,000 ounces at $1,600-$1,800 AISC, while Doropo construction in Côte d’Ivoire remains on schedule and budget.1\n\nSyama remains the swing asset. The mine’s on-site emulsion plant and contractor mobilisation provide identifiable fixes, but their value will be demonstrated only if ore availability, throughput and recovery improve together. The next useful evidence is therefore Q4 production against Resolute’s 45,000-50,000-ounce target, not another statement that conditions are improving.1