Rock Mass Movement Halts Barnat Pit, Cuts Canadian Malartic Output by Up to 150,000 Oz
OR•Agnico Eagle reported rock mass movement on July 1 along the north wall of Canadian Malartic’s Barnat pit, pausing mining while geotechnical assessment is underway. It may cut output by 60,000–80,000 ounces in H2 2026 and up to 150,000 ounces in 2027–28, although OR’s 5% NSR guidance is unchanged.
1. Rock Slide and Operational Halt
On July 1, a rock mass movement occurred along the north wall of the Barnat open pit at Canadian Malartic, prompting an immediate suspension of all mining activities. No injuries, equipment damage or environmental impact were reported, and Agnico Eagle’s technical teams have initiated a detailed geotechnical assessment to determine stability and safe resumption procedures.
2. Production Impact Estimates
Based on preliminary analysis, the slide is expected to reduce gold output by approximately 60,000–80,000 ounces in the second half of 2026 and by up to 150,000 ounces per year in 2027 and 2028. Agnico Eagle maintains that underground Odyssey development and the pathway to 1 million ounces annual production in the early 2030s remain unaffected.
3. OR Royalties’ Position and Guidance
OR Royalties holds a 5.0% net smelter return royalty on nearly all Barnat pit reserves and reports that its 2026 gold equivalent ounce delivery guidance and five-year outlook are unchanged based on the partner’s latest information.
