Jaguar Delivers Strong Adjusted Earnings and Strategic Production Restart of MTL (Turmalina Mine) in Q1 2026 __________________________________________________________________________________________
Jaguar Delivers Strong Adjusted Earnings and Strategic Production Restart of MTL (Turmalina
Mine) in Q1 2026
__________________________________________________________________________________________
Toronto, May 13, 2026 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, OTCQX:JAGGF) is
pleased to report its financial and operational results for the first quarter ended March 31, 2026. The Company
achieved a significant turnaround in profitability, driven by record gold prices and a consistent performance at the
Pilar Mine, while successfully navigating the regulated restart of the MTL Complex (Turmalina).
The interim condensed consolidated financial statements for the quarter ended March 31, 2026 and
accompanying management's discussion and analysis can be accessed by visiting the Company's website at
https://jaguarmining.com or its profile page on SEDAR+ at www.sedarplus.ca. All figures are in US Dollars, unless
otherwise expressed.
First Quarter 2026 Highlights
• Adjusted Earnings Growth: Delivered Adjusted Net Income1 of $10.3 million ($0.12 per share),
demonstrating strong underlying profitability in a record gold price environment. Net income for the
quarter was $4.7 million, overcoming non-recurring restoration costs and non-cash foreign exchange
fluctuations.
• Revenue Surge: Revenue increased 63% to $44.6 million, compared to $27.3 million in Q1 2025,
supported by a 71% increase in the average realized gold price 1 to $4,875 per ounce.
• Strategic Production Restart: Consolidated gold production totaled 9,630 ounces. This includes a
consistent performance from the Pilar Mine (8,776 oz) and the successful initial 22 days of production
from the MTL Complex restart (854 oz), which provides a foundation for the planned pr oduction ramp-up
throughout the remainder of 2026.
• Robust Free Cash Flow1: The Company generated $10.1 million in Free Cash Flow 1 ($1,104 per ounce
sold), further strengthening its cash position to $71.2 million. This liquidity supports the self -funding of the
2026 exploration program and the upcoming Santa Isabel mine restart.
• Normalized Cost Profile: Cash operating costs were $14.3 million ($1,565/oz). All-in sustaining costs1
(AISC) were $2,412 per ounce. Excluding one-time expenses related to the final stages of the Satinoco
event restoration ($5.9 million), the Company’s core operating margins remain exceptionally healthy.
• Exploration Momentum: Exploration drilling (6,018 meters) continued at pace, albeit with assay results
pending at the Chamé target, reinforcing the Company’s strategy to convert its promising gold
endowment into Mineral Reserves, which have already increased 12% to 858,000 2 ounces.
Luis Albano Tondo, CEO of Jaguar stated: “Jaguar has entered 2026 with a clear focus on operational
excellence and balance sheet strength. Generating $10 million in free cash flow this quarter allowed us to self -
fund critical exploration and the restart of our Turmalina operations. As we progress through the year, our focus
remains on scaling production, managing our cost profile as restoration activities conclude, and converting our
significant gold endowment into sustainable production growth.”
1 This is a Non -GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non -GAAP
Performance Measures section of the MD&A
2 Total Mineral Reserves and Mineral Resources were disclosed in the Company’s Technical Reports and Mineral Reserve and Minera l
Resource (“MRMR”) news releases issued on March 31, 2026
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
First Quarter 2026 Results
($ thousands, except where indicated) Three months ended
March 31
2026 2025
Financial Data
Revenue $ 44,593 $ 27,289
Operating costs 14,315 10,549
Depreciation 2,359 2,776
Gross profit 27,919 13,964
Net income (loss) 4,653 (1,611)
Per share ("EPS") 0.05 (0.02)
Adjusted Net income 1,3 10,316 3,713
Adjusted EPS 1,3 0.12 0.05
EBITDA 12,503 3,060
Adjusted EBITDA 1,2 23,746 14,683
Adjusted EBITDA per share 1,2 0.28 0.19
Cash operating costs (per ounce sold) 1 1,565 1,105
All-in sustaining costs (per ounce sold)1 2,412 1,724
Average realized gold price (per ounce)1 4,875 2,845
Cash generated from operating activities 14,867 (259)
Free cash flow1 10,097 (2,900)
Free cash flow (per ounce sold)1 1,104 (304)
Sustaining capital expenditures1 4,854 3,262
Non-sustaining capital expenditures1 6,465 933
Total capital expenditures 11,319 4,195
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash
flow, EBITDA and adjusted EBITDA, adjusted net income and adjusted EPS are non-GAAP financial performance measures with no
standard definition under IFRS. Refer to the Non-GAAP Financial Performance Measures section of the MD&A.
2 Adjusted EBITDA excludes non-cash items such as foreign exchange, stock-based compensation, fair value adjustments and write downs.
For more details refer to the Non-GAAP Performance Measures section of the MD&A.
3 For Q1 2026, net income was adjusted by $5.7 million to exclude certain non-recurring items and their related income tax impacts. These
adjustments consisted of: (i) $5.9 million of Satinoco incident expenses incurred in Q1 2026; (ii) a $1.6 million gain related to fair value
adjustments of short-term investments in Q1 2026; and (iii) $1.3 million of income tax expense associated with these items. For Q1 2025,
adjusted net income excluded $5.3 million of non-recurring items, which primarily related to Satinoco incident expenses and gains on
short-term investments.
Three months ended
March 31
2026 2025
Operating Data
Gold produced (ounces) 9,630 9,923
Gold sold (ounces) 9,147 9,544
Primary development (metres) 424 438
Secondary development (metres) 851 854
Definition, infill, and exploration drilling (metres) 6,018 5,439
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Non-GAAP performance measures
The Company has included the following Non-GAAP performance measures in this document: cash operating
costs per ounce of gold sold, all-in sustaining costs per ounce of gold sold, average realized gold price (per ounce
of gold sold), sustaining capital expenditures, non-sustaining capital expenditures, adjusted operating cash flow,
free cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and
working capital. These Non-GAAP performance measures do not have any standardized meaning prescribed by
IFRS and, therefore, may not be comparable to similar measures presented by other companies.
The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate the Company’s performance. Accordingly, they are intended to provide
additional information and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. More specifically, Management believes that these figures are a useful
indicator to investors and management of a mine’s performance as they provide : (i) a measure of the mine’s cash
margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs
as the mine matures; and (iii) an internal benchmark of performance to allow for comparison against other mines.
The definitions of these performance measures and reconciliation of the Non-GAAP measures to reported IFRS
measures are outlined below.
Reconciliation of Sustaining Capital and Non-Sustaining Capital expenditures1
($ thousands) Three months ended
March 31
2026 2025
Sustaining capital1
Primary development $ 3,161 $ 1,688
Exploration - Brownfield 304 231
Mine-site sustaining 968 1,160
Other sustaining capital 421 183
Total sustaining capital1 4,854 3,262
Non-sustaining capital (including capital projects)1
Mine-site non-sustaining $ 6,427 $ 457
Others non-sustaining capex 38 476
Total non-sustaining capital1 6,465 933
Total capital expenditures $ 11,319 $ 4,195
1 Sustaining and non-sustaining capital are non-GAAP financial measures with no standard definition under IFRS. Refer to the non -GAAP Financial
Performance Measures section of the MD&A. Capital expenditures are included in the calculation of all -in sustaining costs and all-in costs.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Free Cash Flow1
($ thousands, except where indicated) Three months ended
March 31
2026 2025
Cash generated from (used in) operating activities $ 14,867 $ (259)
Adjustments
Asset Retirement Obligation 84 621
Sustaining capital expenditures2 (4,854) (3,262)
Free cash flow $ 10,097 $ (2,900)
Ounces of gold sold 9,147 9,544
Free cash flow per ounce sold $ 1,104 $ (304)
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
2 Further details on the sustaining capital expenditures composition can be found on the reconciliation of sustaining capital
and non-sustaining capital expenditures in the non-GAAP reconciliation.
Reconciliation of Cash Operating Costs, All-In Sustaining Costs and All-In Costs per Ounce Sold1
($ thousands, except where indicated) Three months ended
March 31
2026 2025
Operating costs $ 14,315 $ 10,549
General & administration expenses3 2,578 2,477
Corporate stock-based compensation 593 3
Sustaining capital expenditures¹ 4,854 3,262
All-in sustaining cash costs 22,340 16,291
Reclamation (operating sites) (280) 160
All-in sustaining costs $ 22,060 $ 16,451
Non-sustaining capital expenditures 6,465 933
Exploration and evaluation costs (greenfield) 715 395
Reclamation (non-operating sites) 364 461
Care and maintenance (non-operating sites)4 1,050 224
All-in costs $ 30,654 $ 18,464
Ounces of gold sold 9,147 9,544
Cash operating costs per ounce sold² $ 1,565 $ 1,105
All-in sustaining costs per ounce sold² $ 2,412 $ 1,724
All-in costs per ounce sold² $ 3,351 $ 1,935
Average realized gold price $ 4,875 $ 2,845
Cash operating margin per ounce sold $ 3,310 $ 1,740
All-in sustaining margin per ounce sold $ 2,463 $ 1,121
1 Capital expenditures are included in our calculation of all-in sustaining costs and all-in costs.
2 Cash operating costs, all-in sustaining costs and all-in costs are all non-GAAP financial performance measures with no standard definition
under IFRS. Result may not calculate due to rounding.
3 Excludes G&A expenses related to Onças de Pitangui (Q1 2026: $50; Q1 2025: $24), classified as exploration and evaluation costs, and
$1,235 of non-recurring bonus provisions in Q1 2026. No bonus provision was recorded in Q1 2025.
4 Includes care and maintenance costs for Paciência and Roça Grande mines.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 1
($ thousands, except where indicated) Three months ended
March 31
2026 2025
Net income (loss) $ 4,653 $ (1,611)
Income tax expense 2,065 594
Finance costs 3,381 1,266
Depreciation and amortization 2,404 2,811
EBITDA1 $ 12,503 $ 3,060
Legal, recoverable tax and other provisions expenses 500 406
Satinoco event 5,936 5,754
Foreign exchange loss 5,766 5,890
Stock-based compensation 593 3
Financial instruments gain (1,552) (430)
Adjusted EBITDA1 $ 23,746 $ 14,683
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
Working Capital1
($ thousands)
March 31 December 31
2026 2025
Cash and cash equivalents $ 71,246 $ 66,526
Non-cash working capital
Other current assets:
Short term investment 7,860 9,883
Restricted cash 811 812
Inventory 18,258 16,011
Recoverable taxes 2,104 2,235
Other accounts receivable 124 834
Prepaid expenses and advances 1,976 1,284
Current liabilities:
Accounts payable and accrued liabilities (25,744) (19,976)
Notes payable (6,208) (6,112)
Lease liabilities (1,603) (383)
Current tax liability (1,283) -
Other taxes payable - -
Reclamation provisions (10,199) (9,643)
Warrant liabilities (347) (378)
Legal and other provisions (34,250) (36,099)
Working capital¹ $ 22,745 $ 24,994
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Luis
Albano Tondo (CEO) and Eric Duarte (VP, Operations), both "qualified persons" and employees of Jaguar Mining
Inc., who are "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
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 contaminated 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 42,000 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 Mining Complex (Turmalina mine and plant) and
Caeté Mining Complex (Pilar and Roça Grande mines, and Caeté plant). Th e Roça Grande mine has been on
temporary care and maintenance since April 2019. The Company also owns the Paciência Mining Complex
(Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is planned 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.
Naomi Nemeth
Vice President Investor Relations
Jaguar Mining Inc.
+1 647 882 4257
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,"
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
"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, any information and statements related to expected growth,
sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the
timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the
development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations,
capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous
improvement initiatives, and resolution of pending litigation.
The Company has made numerous assumptions with respect to forward-looking information contained herein, including,
among other things, estimated timeline for the development of the Company’s mineral properties; the supply and demand for,
and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which
the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with
employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates
being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings
facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being
adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions.
Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the
risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to
the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in
environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters,
power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets
in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks
inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ
materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated
with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam
failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-
ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or
the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking
information.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information
made in this news release, see the Company's most recent Annual Information Form and Management's Discussion and
Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of "Jaguar Mining Inc." on
SEDAR+ at www.sedarplus.com. The forward-looking information set forth herein reflects the Company's reasonable
expectations as at the date of this news release and is subject to change after such date. The Company disclaims any
intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law. The forward-looking information contained in this news release is
expressly qualified by this cautionary statement.