Project Overview
The Canadian Malartic Complex consists of the Canadian Malartic open pit and the Odyssey underground mine. It is located in Quebec, Canada, and is wholly owned and operated by Agnico Eagle.
From 1935 to 1983 underground mine production was conducted by various operators across the property, and most recently, the consolidated property was operated by Osisko Mining Corporation (“Osisko Mining”) which began production in 2011. In April 2014, Agnico Eagle and Yamana jointly acquired 100% of Osisko Mining in which Agnico Eagle and Yamana formed a joint committee to operate the Canadian Malartic Mine – the Canadian Malartic Partnership. In 2023 Agnico Eagle completed the acquisition of Yamana’s 50% interest in the operation and now holds 100% of the Canadian Malartic Complex.
The underground mine, Odyssey, is set to become one of Canada’s largest underground mines. The current mine plan envisions 500,000 to 600,000 ounces of gold of annual production to be maintained until 2039 by transitioning from open pit to primarily underground operations. The current underground mine plan outlines a 19,000 tpd operation, while the processing facility at Canadian Malartic has capacity for 60,000 tpd. The current mine plan only converts 47% of the current mineral resource estimate. It follows that Agnico Eagle has embarked on the “Fill the Mill” initiative to utilize the excess mill capacity, and to extend the mine life.
In 2024, Agnico Eagle conducted a large exploration program drilling over 167,000 metres at the Odyssey deposit as well as an additional 50,000 metres at the Canadian Malartic Complex. The exploration drilling program continued to infill Odyssey North, Odyssey South, and the Odyssey Internal Zones while also conducting regional exploration that included drilling at the Midway property. Following the 2024 exploration program Agnico Eagle published its 2024 year end consolidated mineral reserves and mineral resources estimate which highlighted significant growth and improved confidence at the East Malartic deposit.
Given the extensive land package, encouraging exploration results as well as its latent production capacity, Agnico Eagle is considering the possibility of a second shaft which represents a potential area of upside for Gold Royalty.
The 2025 exploration program at Odyssey is expected to incur approximately $40 million for 216,000 metres of drilling with the objective of converting Inferred resource to Indicated and support the internal mine studies that may lead to expansion scenarios.
An additional $10.4 million is planned for 40,000 metres of exploration drilling at prospective targets on the Canadian Malartic, Rand Malartic, and Midway Properties.
Canadian Malartic Open Pit - Photo Gallery
