Jaguar Mining Inc. Commences Drilling at High-Potential Chamé Target – Advancing Five-Year Exploration Plan __________________________________________________________________________________________
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Jaguar Mining Inc. Commences Drilling at High-Potential Chamé Target – Advancing Five-Year
Exploration Plan
__________________________________________________________________________________________
Toronto, ON, December 1, 2025 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) today is
pleased to announce the commencement of drilling activities at the Chamé target, located three kilometres
southeast of the Santa Isabel mine within the Company’s Paciência complex in Brazil’s prolific Iron Quadrangle.
Drilling began on November 21, 2025, with the first phase comprising 12 drill holes totaling 3,040 meters. The
program is designed to evaluate the potential for a near-surface, open-pittable operation and is part of the
Company’s five-year Exploration Plan (see Jaguar Mining press release dated September 8, 2025 ).
“Our corporate growth strategy clearly outlines that significant growth is expected to come from green field
exploration on ground currently held by Jaguar,” commented Luis Albano Tondo, Jaguar Mining Chief Executive
Officer. “Chamé was chosen as the highest priority target due to its proximity to an existing processing facility, its
near-surface mineralization and the extensive information that can be gathered from the historic (1700s) workings
which left several shallow pits and trenches where early artisanal miners successfully accessed mineralization. We
are excited about the potential at Chamé and look forward to issuing drilling results as we progress through this
phase of our plan.”
“The start of drilling at Chamé represents an important step in advancing our technical program,” commented
Armando Massucatto, Jaguar Mining Exploration Manager. “Geological work to date shows strong potential for a
large-scale open-pit target. Regionally, the geochemical and structural signature at Chamé is being replicated along
the São Vicente lineament in several newly identified targets.”
A KEY MILESTONE IN JAGUAR’S EXPLORATION PROGRAM
The Chamé drill program follows up on initial encouraging results (see Jaguar Mining press release dated
September 9, 2025) and builds on strong trenching results from Trench TR02, which returned:
CMCH05: 54.47m @ 0.90 g/t Au, including 32.22m @ 1.29 g/t Au, and 4.43m @ 7.1 g/t Au
CMCH06: 24.78m @ 0.41 g/t Au, including 11.39m @ 0.50 g/t Au, and 12.94m @ 0.52 g/t Au
These results support the presence of a broad, continuous low-grade mineralized envelope. The continuity and
width of these intercepts point to a robust mineralized system that could support large-scale development. This
drilling campaign is a key step toward confirming the size and consistency of this low-grade envelope, which
represents a strong foundation for future resource growth.
All drill holes in this first phase are being drilled with HQ diameter in saprolite and in NQ diameter in fresh rocks,
using drill rigs that minimize environmental impact while providing sufficient material for the chemical assays. All
samples will be analyzed in the SGS laboratory, an internationally certified laboratory.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 1: Location of trench TR02 and the planned collar position for drill hole FCM001.
Figure 2: Geological section at trenchTR02 (looking north), showing channels and chip samples on the
surface. The estimated true thickness of the potential mineralized zone ranges from approximately 75 to
100 metres.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 3: Drill rig operating at the FCM001 collar location.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
CHAMÉ: OPENING A NEW EXPLORATION FRONTIER AT PACIÊNCIA
The Chamé target is located within the São Vicente lineament, which is an important mineralized crustal shear
zone, characterized by a curvilinear geometry that stretches for approximately 60 kilometres across the Iron
Quadrangle, following a northwest-southeast structural orientation. This lineament contains several orogenic gold
deposits and exploration prospects, including Santa Isabel mine, Marzagão mine, Bahú, Engenho d’Água, Bicalho,
Bela Fama, and Morro Velho, among others.
The São Vicente lineament plays a key role in the geological development of the Iron Quadrangle, serving as the
main structural feature defining the central area of the Rio das Velhas greenstone belt. This shear zone marks the
boundary of a sequence of Archaean metavolcano-sedimentary to metasedimentary rocks (approximately 2.9 – 2.7
billion years old), acting as a regional discontinuity that hosts structurally controlled gold deposits. The lineament
has undergone several reactivation events, which have contributed to the remobilization and concentration of gold
during the Palaeoproterozoic (around 2.1 billion years ago) and Neoproterozoic (around 0.6 billion years ago)
periods.
The sinistral and transpressional nature of the shear zone along the Paciência trend, which extends for roughly 15
kilometres from the Chamé-Cedro to the Bahú-Quati trends (inside of Jaguar’s mineral rights) has generated a
series of subparallel shear zones with dilational and/or extensional characteristics. These zones are filled with
quartz–carbonate–sulphide veins and veinlets, which define silicified areas linked to high-grade gold mineralization,
interpreted as proximal hydrothermal alteration. In contrast, distal alteration is characterized by sericitization,
disseminated carbonation, and disseminated sulphidation, typically associated with lower-grade gold
mineralization.
The Frequency Domain Electromagnetic airborne geophysical survey (FDEM) highlights shallow, low-angle
structures with high conductivity responses (33,000 Hz, coplanar and in-phase configuration). The results show
subparallel trends that coincide with gold anomalies found in rock samples at the Chamé target ( Figure 3). This
survey was conducted in 1992, prior to the development of the Santa Isabel mine, which later revealed coincident
anomalies associated with mined gold ore bodies. Field verification of these subparallel trends confirmed their
association with hydrothermal alteration, characterised by quartz–sulphide–carbonate assemblages in phyllites and
sericitic quartz schists.
These findings are supported by fieldwork, such as trench TR04, where results showed 0.54 g/t gold over 41.26 m
(partial results), indicating that structures identified in the FDEM survey (Figures 5 and 6) are mineralized. Figure
5 shows the unexplored area without any excavation features.
The Total Magnetic Intensity image (Figure 7) shows the interpretation of Archaean lineaments (thick lines)
corresponding to major geological contacts and first-order shear zones, which define the boundaries of the hotter-
colored regions representing distinct geological packages. Dashed lines indicate post-Archaean lineaments, which
occasionally offset the FDEM lineaments (presumed to be Archaean). This interpretation is supported by the
location of exploration targets aligned with the Archaean lineaments, each associated with gold occurrences
identified through soil or rock chip sampling.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 4: FDEM aerial survey (1992) outlining shallow, low-angle conductive structures at the Chamé
target, coincident with gold anomalies and confirmed hydrothermal alteration zones.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 5: Overview of the trenching program in the hangwall area, displaying trenches TR01, TR02, TR03,
and TR04. This zone coincides with FDEM conductive anomalies that are spatially subparallel to the first
recognized Chamé low-grade trend.
Figure 6: Detailed view of trench TR04, illustrating channel sampling locations and lithological features
observed on the exposed surface.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Figure 7: Total Magnetic Intensity image showing major Archean lineaments that define geological
packages, post-Archean structures (dashed lines), and exploration targets aligned with gold anomalies
from soil and rock-chip sampling.
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Armando
José Massucatto, PhD, FAusIMM, Exploration Manager, who is also an employee of Jaguar Mining Inc. and is a
"qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-
101").
Quality Control
Jaguar maintains a rigorous quality-control program that includes the systematic insertion of blanks and Certified
Reference Materials (CRMs) to ensure best practices in sampling and analysis. Drill core of HQ, NQ, and BQ sizes
is cut in half using a diamond saw. Samples are collected at standard intervals based on geological characteristics
such as lithology and hydrothermal alteration. All diamond drill hole collars are precisely surveyed using GNSS with
RTK correction for surface locations and total station equipment for underground setups. Downhole deviations are
measured with non-magnetic instruments (SPT – Stockholm Precision Tools, GyroMaster ™ Solid State North
Seeker). Structural measurements are recorded using the Vektore v-STAR® method and compiled with OreNode
software. Mean grades are calculated using a variable lower cut-off (generally 0.5 g/t Au). No upper gold grade cut-
off has been applied. Half of each sawn core sample is sent to the analytical laboratory, while the remaining half is
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
securely stored. Samples from auger holes, trenches, and drill cores are transported in sealed bags to the
independent SGS-Geosol Brazil laboratory in Vespasiano, Minas Gerais, for preparation and analysis. SGS is an
internationally certified laboratory, ensuring compliance with global QA/QC standards.
The Iron Quadrangle
The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in
1699–1701 of gold coincident with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle
gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-
ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds the second largest gold land
position in the Iron Quadrangle with over 46,000 hectares.
About Jaguar Mining Inc.
Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in
Brazil with three gold mining complexes and a large land package with significant upside exploration potential from
mineral claims. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone
belt in the state of Minas Gerais and include the MTL complex (Turmalina mine and plant) and Caeté complex (Pilar
and Roça Grande mines, and Caeté plant). The Roça Grande mine has been on temporary care and maintenance
since April 2019. The Company also owns the Paciência complex (Santa Isabel mine and plant), which had been
on care and maintenance since 2012 and is under review to restart in 2026. Additional information is available on
the Company's website at www.jaguarmining.com.
For further information please contact:
Luis Albano Tondo
Chief Executive Officer
Jaguar Mining Inc.
+55 31-99959-6337
Marina de Freitas
Interim Chief Financial Officer
+55 31-98463-5344
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking statements and information are provided for the purpose of providing information about
management's expectations and plans relating to the future. All of the forward-looking information made in this news release is
qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada.
Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are
expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates," "continue," "estimate,"
"believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would,"
"might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to
be or include forward-looking information. This news release contains forward-looking information regarding, among other
things, the nature, focus, timing and potential results or implications of the Company’s exploration, drilling and prospecting
activities, including the Company’s diamond drilling at its Pilar mine, as described in this news release, as well as any other
future exploration activities of the Company, management’s expectations regarding the exploration potential of the Pilar Mine