JAG.TO · 2024-02-28 12:00:00

Jaguar Mining Accesses New High-Grade Mineralized Zone IN Ba-Torre Structure Development Intersects Mineralization Along Continuous Strike of >130M with Best Individual Channels Grading 20.2 G/T Au over an Estimated True Channel Width of 9.6m

Drill Results

JAGUAR MINING ACCESSES NEW HIGH-GRADE MINERALIZED ZONE IN BA-TORRE STRUCTURE

DEVELOPMENT INTERSECTS MINERALIZATION ALONG CONTINUOUS STRIKE OF >130M WITH

BEST INDIVIDUAL CHANNELS GRADING

20.2 g/t Au over an estimated true channel width of 9.6m

21.0 g/t Au over an estimated true channel width of 7.0m

23.2 g/t Au over an estimated true channel width of 5.6m

_________________________________________________________________________________________

Toronto, February 28, 2024 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX: JAGGF)

is pleased to announce that exploration access development on the level 15.2 elevation in the BA -Torre structure

of its Pilar mine in Brazil has intersected and confirmed extensive high-grade mineralization, previously intersected

in exploration diamond drill holes announced in the first half of 2023. Jaguar believes that this area could positively

affect the Pilar mine’s future production capacity.

Vern Baker, President and CEO of Jaguar Mining stated “ Based on follow-up exploration work conducted through

the second half of 2023 and to date, we believe that we have identified a new mining horizon at Pilar, with the BA -

Torre structure showing significant continuity of higher-grading mineralized material, which extends below and

above level-15 elevation. This area has the potential to be a game changer for the Pilar mine. We are showing an

area with numerous drill holes and development on one horizontal level. This area is quite interesting for its

potential, which we are eager to quantify as we develop official resources or reserves .”

In early 2023, Jaguar reported (see Press Release dated February 21, 2023) a high-grade diamond drilling intercept

in hole PPL850 on the BA-Torre structure grading 42.35 g/t Au (uncut) over an estimated true width of 3.2m within

a broader zone grading 20.93 g/t Au over an estimated true width of 10.0m on the level 16 elevation (-200m AMSL).

A subsequent follow-up diamond drill hole PPL1011B was completed in the second quarter of 2023 targeting the

up-plunge projection of the hole-PPL850 intersection on level 15 elevation (the level with closest development) .

This second hole also intersected strong mineralization grading 6.86 g/t over an estimated true width of 10.5m,

including 14.45 g/t Au over an estimated true width of 3.5m . Access development was initiated in the third quarter

of 2023 to intercept the impact location of hole PPL 1011B. This development drift traversed strong Banded Iron

Formation (BIF) hosted mineralization over a continuous strike length of 130m. Channel sample grades reported

from this development are more than double Pilar´s average channel sample grades and over widths greater than

4m (mean sample* value 9.01 g/t Au (uncut) or 6.22 g/t Au (top cut applied to samples > 15g/t) over a mean channel

width of 6.15m) (*all samples). The best individual channel results are presented below.

• 20.2 g/t Au over an estimated true channel width of 9.6m

• 21.0 g/t Au over an estimated true channel width of 7.0m

• 23.2 g/t Au over an estimated true channel width of 5.6m

Exploratory and follow-up diamond drilling completed subsequent to the first high-grade impacts mentioned above

have also reported high-grade intercepts within the BA -Torre structure, both up-and down-plunge of the initial drill

intercepts and include the following best intersections:

• 21.18 g/t Au over an estimated true width of 2.0m in hole PPL 1042

• 12.36 g/t Au over an estimated true width of 2.0m in hole PPL 1044

• 7.39 g/t Au over an estimated true width of 3.9m in hole PPL 1044

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

• 7.17 g/t Au over an estimated true width of 8.2m also in hole PPL 1044

Vern Baker, President and CEO of Jaguar Mining added: “The geologic team at Pilar has done a great job of

defining a target, putting holes in that target and getting our full team excited and focused on this new opportunity.

The results currently show 200 vertical meters of plunge extent with potential to expa nd up-plunge 400 vertical

meters and it is still unknown how far down -plunge. We have developed on level 15 -2 some 130 meters of

continuous strike length in the mineralized structure with channel sample grades well over what we are experiencing

in our curr ent ore structures. The BA -Torre structure represents a significant opportunity to provide mineral

resources both above and below our current development. The structure is close to our current mining areas and

infrastructure, providing the opportunity to d evelop both up and down -plunge. As we go deeper, below Level 18,

we plan to have a single ramp for access to both the BA -Torre and the BF structures. Diamond drilling to date

shows 200 vertical meters of structure with excellent grades. Our best intercept (20.93 g/t Au over an estimated

true width of 10m) is 60 meters below our current access on level 15-2. While a significant expansion in Mineral

Reserves and Mineral Resources is probably a year out, we expect to see our first test mining later in the first

quarter. Our development on a single horizon has already sent almost 1 ,900 ounces to the surface which would

indicate the potential for a 60-meter level to produce well over 20,000 ounces. We are excited about the potential

of this structure and expect it to add a vital new production area for Pilar and for our company in 2024. I would like

to specifically thank Tiago Pedro de Souza, a talented geologist on our team, for his perseverance in finding this

opportunity for Jaguar.”

Historically, the BA-Torre structure was the main producing ore -zone at Pilar from higher levels in the mine above

level 7. Below level 7, mineralization on the BA-Torre structure diminished in terms of grade and thickness. At that

time the focal point of mining became the nearby BF structure which has been and remains the main source of

production down to current mining levels (levels 15 and 16). The re-appearance of high grades within the BA-Torre

structure on level 15 and 16, currently being extended by additional diamond drilling, provides the Pilar operation

with real potential to improve production in a relatively short time period. The new BA-Torre zone provides significant

upside potential both up-plunge (above level 15 to level 7) and down-plunge below level 15 to depth. Recent high-

grade diamond drill intersections within the BA-Torre structure and development highlight strong mineralization and

grades over a continuous strike length of some 130m.

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 1 – Long Section showing the Pilar mine underground layout and the relative position of the main

orebodies. Please note the large percentage of mined production in the shallow levels of the mine attributed

to the BA-Torre structure (red) which switches over with depth to the BF structure (in green) from level 8

to level 16).

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 2 – Schematic view of the Pilar mine geology highlighting the folded BIF which controls the majority

of the gold mineralization along its strike and the location of the high-grade exploration diamond drilling

intersections. The BA-Torre structure on level 15-2 is conveniently located near existing infrastructure.

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 3 – Long sectional view showing the location of access development to evaluate the BA -Torre

structure on level 15-2 and the best diamond drill mineralized intersections reported in this press release

and previously in the press release dated February 21, 2023 (original holes in white -background

boxes/recent and current holes shown with yellow-background boxes).

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Table 1 – Diamond drilling intersections with grade x thickness (GT) > 25 between level 14 and level 17

targeting the BA-Torre structure. Complete drilling data in this area is tabulated in Figure (Appendix).

HOLE ID From (m) To

(m)

Down Hole

Interval

(m)

ETW

(m)

Gold Grade

(g/t Au)

(ETW) Orebody

PPL600 255.5 262.5 7.0 7.0 6.67 46 BA

PPL850 367.1 381.0 13.9 10.0 20.93 209 BA

Including 367.2 373.3 6.1 3.2 42.35 136 BA

PPL852 178.1 187.2 9.1 6.1 7.12 43 BA

PPL1011B 374.0 396.3 22.3 10.5 6.86 72 BA

Including 386.9 395.0 8.1 3.5 14.45 51 BA

PPL1041 45.7 50.2 4.5 2.5 7.20 18 BA

PPL1042 44.4 48.4 4.0 2.0 5.70 11 BA

PPL1042 67.4 74.4 7.1 3.1 4.35 13 BA

PPL1042 79.1 82.8 3.7 2.0 21.18 42 BA

PPL1043 107.1 115.0 7.9 4.8 4.59 22 BA

PPL1044 99.9 103.0 3.1 2.0 12.36 25 BA

PPL1044 141.0 149.0 7.9 3.9 7.46 29 BA

PPL1044 175.4 192.0 16.6 8.2 7.17 59 BA

Summary of Significant Intersections, Drilling Program

Jaguar Mining Inc. – Pilar Mine

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 4 – Plan view showing the location of access development to evaluate the BA -Torre structure on

level 15.2 and location of the next figure (figure 5).

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 5 – Plan view of level 15.2 access development composite channel sampling results and geological

map. Results show a continuous 130m strike length of high -grade mineralization with average sample

grade of 9.21 g/t Au (uncut) or 6.16 g/t Au (with a top cut applied to samples > 15 g/t Au) over an average

full channel width of 6.15m.

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