In its July 29 second-quarter report, Agnico Eagle said construction continued at Hope Bay. The company reported upgrades to the Doris camp and office facilities, power-plant foundation work, and 707 metres of mine development at Madrid. It also said a portal boxcut was completed at Patch 7 and ramp development began there in July. Source↗

The report provides a more concrete update on work at Hope Bay after Agnico Eagle approved its redevelopment investment in May. The company says the project could eventually produce 400,000 to 435,000 ounces of gold a year, but that forecast remains part of its project plan rather than current production.

Agnico Eagle said it planned 3.3 kilometres of infrastructure and ramp development at Hope Bay during 2026. It also said it expects an updated mineral-resource estimate and prefeasibility study by the end of 2026. The company’s July report does not say that water-licence updates or other production-phase permits identified in May have been completed.

Agnico Eagle reported detailed engineering was about 67 per cent complete as of June 30 and that 73 per cent of its 2026 procurement had been completed for the first sealift, expected in August. The company also reported 69,400 metres of exploration and conversion drilling at Hope Bay in the first half of 2026. The latest update does not change the company-reported reserve totals published in February: 3.396 million ounces of proven and probable gold reserves at Hope Bay, 3.622 million ounces at Meliadine and 1.454 million ounces at Meadowbank. Source↗