Gold Miners Cut 2026 Output Forecasts
Thor Explorations, Resolute Mining and Caledonia Mining each lowered production targets after weaker third-quarter output.
Updated on Nov. 5, 2026 in Stock Markets
Thor Explorations lowered its 2026 gold production target to 70,000 to 72,000 ounces after heavy rainfall disrupted operations at its Segilola mine in Nigeria. Resolute Mining and Caledonia Mining also reduced their own annual production targets.
Why it matters
The downward revisions show how weather, ore grade and operational disruptions are cutting into output at several gold producers even as gold prices remain high. Investors tracking gold supply may see tighter near-term production from these companies.
Thor's third-quarter revenue rose 16.3% to $81.3 million on 19,000 ounces sold at an average of $4,280 per ounce. Resolute and Caledonia reported their own third-quarter output while revising 2026 targets, with the full impact of those cuts still unclear.
The players
Thor Explorations
Thor Explorations is a gold producer that operates the Segilola mine in Nigeria and reports its results in quarterly filings.
Resolute Mining
Resolute Mining is a gold miner with operations in West Africa, including the Syama and Mako mines and the Doropo project in Côte d'Ivoire.
Caledonia Mining
Caledonia Mining is a gold producer whose Blanket mine in Zimbabwe supports funding for its Bilboes project.
The details
Thor said heavy rainfall in late August and early September disrupted mining at Segilola, and its average gold content fell to 2.10 grams per metric ton from 3.11 as higher-grade ore was processed first. Resolute lowered its forecast on September 21 and spent $52.9 million on its Doropo project in Côte d'Ivoire, while Caledonia's Blanket mine produced 17,030 ounces and lacked compressed air in higher-grade areas.
Timeline
- September 21: Resolute lowered its 2026 production forecast.
- Late August and early September: Heavy rainfall disrupted Segilola operations.
- Third quarter 2026: Three miners reported lower quarterly production.
- October 9: Caledonia lowered its annual production target.
- Mid-October: Caledonia expects to recover remaining processing-plant gold.
Market Dynamics
Gold prices near record levels have not translated into higher output at several West African and southern African producers, whose cuts reflect operational constraints rather than price weakness. Investors may view these downgrades as a sign that gold supply growth is slowing even as demand-side pressure persists.
Investors holding shares in these miners may see revised earnings expectations tied to lower output and higher costs. Those tracking gold-linked equities should watch the fourth-quarter results that will show whether the revised targets are reachable.
The takeaway
Production shortfalls at several gold miners can tighten supply even when prices are high, so the coming quarter's results will show whether these cuts are temporary operational setbacks or a lasting shift.
What happens next
Thor expects fourth-quarter drilling results from Segilola, and Blanket must produce between 19,800 and 23,300 ounces in the fourth quarter to meet Caledonia's revised target.
Further reading
For related coverage of how these production shifts ripple through the broader market, see Stock Markets.
Source note: This article includes information reported by Ecofin Agency.
