Key Highlights

  • A Syama operational update on 21 September 2026 cut 2026 guidance.
  • Syama is now guided to produce 150,000 to 160,000 ounces at an AISC of US$2,300 to US$2,400 per ounce.
  • Group 2026 guidance is 205,000 to 225,000 ounces at an AISC of US$2,250 to US$2,350 per ounce, assuming a gold price of US$4,000.
  • The Doropo project in Côte d'Ivoire is absorbing a growing share of Capital spending.

How is Resolute Mining Limited (ASX:RSG) coping with a difficult year at its Syama gold mine in Mali while it builds a new mine in Côte d'Ivoire? The short answer from the company's latest disclosures is that 2026 production guidance has been lowered, costs remain high, and the Doropo project is absorbing a growing share of capital spending.

The central development: lower Syama guidance

On 21 September 2026 Resolute issued a Syama operational update that revised 2026 guidance downward. Syama is now guided to produce 150,000 to 160,000 ounces (koz) at an All-In Sustaining Cost (AISC) of US$2,300 to US$2,400 per ounce. Group 2026 guidance is 205 to 225 koz at an AISC of US$2,250 to US$2,350 per ounce, assuming a gold price of US$4,000 per ounce.

The company gave specific reasons:

Explosives supply: intermittent Supply during the wet season, with low emulsion availability and ANFO used as a substitute.

Underground conditions: wet weather delayed development and new draw points.

Open pit (A21): slower equipment mobilisation and below-plan mining rates delayed access to higher-grade ore, increasing reliance on lower-grade stockpiles.

Syama poured only about 15.5 koz across July and August combined, "significantly below previous expectations" in the company's words. Resolute expects about 31 koz in the September quarter and 45 to 50 koz in the December quarter. Corrective actions include an on-site emulsion plant, with commissioning planned by November 2026, a transition to a new mining contractor, and additional equipment during September and October.

What the September quarter showed

Capital expenditure was US$85.3 million, of which US$52.9 million went to Doropo. Guidance was unchanged from the September revision. Mako in Senegal is guided to 55 to 65 koz at an AISC of US$1,600 to US$1,800 per ounce and was described as on track.

A simple reading of these numbers: with the quarterly rate near 44,000 ounces, reaching the lower end of 205 koz would require the December quarter to be materially more encouraging.

Business and Revenue drivers

Resolute sells gold, so revenue depends on ounces sold multiplied by the gold price, and profit depends on the Margin over AISC. The company's AISC guidance is set against an assumed US$4,000 per ounce gold price. At an AISC of about US$2,500 per ounce, margins are sensitive to both price and production volumes: when output falls, fixed costs are spread across fewer ounces, which the company itself cited as raising unit costs. Resolute has two producing assets, Syama (a combined underground and open-pit operation in Mali) and Mako (Senegal).

Doropo: the growth project

Doropo, in Côte d'Ivoire, is the company's main development. These are company projections, not results, and depend on gold prices and delivery.

Funding capacity therefore depends on gold prices staying supportive and Syama recovering.

Sector and competitive position

Resolute competes with other ASX-listed gold producers, many with Australian operations. Its distinguishing feature is its West African exposure, which brings higher-grade potential and growth opportunity but also jurisdictional risk.

Risks and upcoming developments

Operational delivery at Syama: the fourth-quarter target of 45 to 50 koz relies on the emulsion plant, new contractor and fleet availability.

Gold price: guidance and Doropo Economics are quoted at US$4,000 per ounce.

Project execution: Doropo capital, schedule and funding.

Cost inflation: AISC at US$2,506 per ounce in the September quarter is above the company's full-year range of US$2,250 to US$2,350 per ounce, so later quarters must come in lower to meet it.

Items for investors to watch include the December quarter report, commissioning of the Syama emulsion plant planned for November 2026, further Doropo construction updates, and the 2027 guidance outlook.