Jaguar Mining Announces Management Update

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JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

February 23, 2023 NEWS RELEASE

FOR IMMEDIATE RELEASE TSX:JAG,OTCQX:JAGGF

JAGUAR MINING ANNOUNCES MANAGEMENT UPDATE

Toronto, February 23, 2023 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX: JAGGF)

today is announcing that the Company’s Chief Financial Officer, Hashim Ahmed will be stepping down from his role

at the Company to pursue another opportunity. Mr. Ahmed will continue to support Jaguar as CFO in the coming

months, and a search for his replacement, which has commenced, will include both internal and external candidates.

Vern Baker, President and CEO of Jaguar Mining stated: “I would like to thank Hashim for his significant

contributions to the Company over the past eight years and for his personal support of me over the last three and a

half years. Hashim has played a key role in turning around the business and helping us strengthen our balance

sheet. On behalf of the Board and the senior leadership team, I wish him well in his next endeavor.”

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 Turmalina Gold Mine Complex and Caeté Mining Complex (Pilar

and Roça Grande Mines, and Caeté Plant). The Company also owns the Paciência Gold Mine Complex, which

has been on care and maintenance since 2012. The Roça Grande Mine has been on temporary care and

maintenance since April 2019. Additional information is available on the Company's website at

www.jaguarmining.com.

For further information please contact:

Vernon Baker

Chief Executive

Officer Jaguar

Mining Inc.

vernon.baker@jaguarmining.

com 416-847-1854