Project Overview
The Canadian Malartic Complex, consisting of the Canadian Malartic gold mine and Odyssey Underground Project, is one of Canada's largest operating gold mines and is fully owned and operated by Agnico Eagle.
The mine is located in the Town of Malartic, in the heart of Québec's Abitibi Gold Belt, Canada. 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 mine and now holds 100% of Canadian Malartic.
The Odyssey Underground Project ("Odyssey") is the underground extension of the Canadian Malartic open-pit mine set to become Canada's largest underground mine. The current mine plan envisions 500,000 to 600,000 ounces of annual production until 2039, however there is the strong potential to increase the annual throughput and life of mine given the excess plant capacity and significant underlying mineral resources that are not currently in the mine plan. 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 also only converts 47% of the current mineral resource. These factors represent the potential to increase annual production and to extend the mine life.
The development of Odyssey combines the use of both ramp and shaft to access the four main mineralized zones: Odyssey North, Odyssey South, East Malartic, and East Gouldie. Gold Royalty's 3.0% NSR covers a significant portion of the mineralization at Odyssey, primarily over the Odyssey North and East Malartic deposits, while also covering a smaller portion of the Norrie Zone and currently producing Barnat Pit.
Exploration results continue to suggest the potential connection of the East Gouldie deposit and the Norrie Zone along strike to the west where additional drilling is currently underway. Further exploration success near the east near the Midway Project provides additional upside to Gold Royalty's royalty coverage over the project.
Canadian Malartic Open Pit - Photo Gallery
