Highlights

• Resolute reduced its 2026 group production forecast following continued difficulties at Syama.
• July and August gold output from Syama totalled only 15,500 ounces.
• Fourth-quarter performance will be critical to the company’s operational recovery.

Resolute Mining Limited (ASX: RSG) published a fresh operational update on 21 September 2026. The company’s shares were trading at a current market price (CMP) of AU$1.270 after the decline of 6%. The latest announcement placed the ASX-listed gold miner under renewed scrutiny after ongoing disruptions at its Syama operation forced management to lower annual production expectations.

Syama Disruptions Weigh on Output

Operations at Syama in Mali have been affected by shortages of explosives, delays involving imported equipment and slower open-pit development. These issues limited the availability of ore, restricted access to higher-grade material and affected processing efficiency.

Syama delivered 74,000 ounces during the first half of 2026, including 30,000 ounces in the June quarter. Its second-quarter all-in sustaining cost reached US$2,654 per ounce. Conditions remained difficult after June, with combined production of just 15,500 ounces during July and August. Resolute anticipates September output of approximately 15,000 ounces, which would place third-quarter production near 31,000 ounces.

Annual Targets Reset

Resolute now expects Syama to produce between 150,000 and 160,000 ounces in 2026. The mine’s projected AISC has been adjusted to US$2,300–US$2,400 per ounce. Group production is forecast at 205,000–225,000 ounces, with AISC estimated between US$2,250 and US$2,350 per ounce. The cost guidance assumes an average gold price of US$4,000 per ounce.

Mako remains positioned to meet its forecast of 55,000–65,000 ounces at an AISC of US$1,600–US$1,800 per ounce. Construction at Doropo also continues within the planned budget and schedule.

Earlier Financial Performance

Resolute released its half-year results on 20 August 2026. Revenue increased 31% to US$584.7 million, while EBITDA climbed 42% to US$323.9 million. Net profit after tax reached US$162.6 million compared to US$71.0 million in the previous corresponding period.

Gold sales amounted to 123,951 ounces at an average realised price of US$4,712 per ounce. Operating cash inflow reached US$277.6 million, while net cash and bullion stood at US$317.4 million.

Outlook

The company expects Syama’s production to improve to 45,000–50,000 ounces in the fourth quarter. An onsite emulsion facility is scheduled for commissioning in November 2026, while additional mining equipment is being mobilised. Resolute’s near-term stock performance could now hinge on whether these measures deliver a sustained operational recovery.

Note- All data presented is based on information available at the time of writing.

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