Brutal Winter Storms Hammer Gold Mine Ramp-Up, but a Key Q4 Target Is Still Standing - Streetwise Reports

AI desk brief

Rio2 said severe winter storms in Chile disrupted mining at Fenix Gold in Q3, but the project remains on track for commercial production in Q4 2026. Key infrastructure such as the leach pad, process plant and power generation stayed operational at reduced capacity, while mining was temporarily suspended and personnel evacuated; the company is now trying to recover lost output and is still withholding full-year guidance.

Analysts generally kept constructive views despite the weather hit: Atrium cut its Q4 Fenix estimate to about 17,000 oz from 23,700 oz but maintained a Buy and CA$5.75 target, while noting commercial production is still targeted for Q4. The excerpt also flags broader gold market pressure from rates, with spot gold at US$4,158.05/oz on Sept. 29, up 1.05% on the day but down 6.36% over the month and up 7.77% YoY as rate expectations weigh.