Jaguar Mining Inc. Reports Fourth Quarter and Full Year 2025 Operating Results
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Jaguar Mining Inc. Reports Fourth Quarter and Full Year 2025 Operating
Results
– Pilar Delivers Solid Performance and Progress Continues Toward MTL Complex Restart
______________________________________________________________________________________ ___
TORONTO, ON, January 14, 2026 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) is pleased
to announce its preliminary operating results for the fourth quarter of 2025. These results highlight the Company’s
resilience and strategic focus as it continues to advance the safe and sustainable resumption of operations at its
MTL Complex. Full financial results for the quarter will be reported and filed on SEDAR+ by March 31, 2026 . All
figures are in US Dollars, unless otherwise expressed
Fourth Quarter and Full Year 2025 Operating Highlights
• Consolidated gold production : Totaled 9,356 ounces, all from the Pilar mine , compared with 14,787
ounces in the fourth quarter of 2024, which included production from both the Pilar and Turmalina mines .
The decrease was primarily due to the temporary suspension of operations at Turmalina following a
localized incident at the Satinoco dry-stacked facility in December 2024. Gold production from Pilar totaled
40,012 ounces in 2025. In addition, 242 ounces were produced from Turmalina related to flotation
concentration tests conducted with Faina ore in 2024 and shipped for smelting in China in 2025. Gold
production for the full year totalled 40,254 ounces.
• Pilar Mine performance: Pilar delivered reliable operating results, producing 9,356 ounces of gold from
96,177 tonnes at a 3.41 g/t head grade and 89% recovery. This represents a slight decrease compared to
the fourth quarter of 2024, when the mine produced 10,511 ounces of gold from 100,959 tonnes at a 3.65
g/t head grade and 89% recovery . The reduction reflects the sequencing of development and mining
activities during the period, along with the need to conduct upgrades to the exhaust and cooling system in
the lower part of the mine. Although these activities have delayed the mining of some high-grade ore, these
improvements will enhance safety and ventilation, improve operating efficiency, and support long -term
operational continuity.
• Development activity: Strategic development at Pilar remained a priority, with 1,248 meters of primary,
secondary and exploration development completed during the quarter , and 150 meters of primary
development from Turmalina related infrastructure works, permitted by National Mining Agency (ANM) ,
amounted to 1,398 meters. Although the consolidated total was below the 2,941 meters achieved in the
fourth quarter of 2024, which included Turmalina, the Company maintained its s trategic emphasis on Pilar
throughout the period. Primary development declined by 26%, while secondary development decreased by
9%, reflecting the reallocation of face drilling resources to mining fronts where the cut -and-fill method with
frontal and ascending advance (retreat) was implemented, aiming to adapt short-term mining operations to
the ore characteristics in a specific area of the mine.
• Drilling progress: Diamond drilling at Pilar totalled 3,846 meters in the fourth quarter, compared with 5,881
meters in the same period of 2024. The quarter included a seven -day planned shutdown to complete
ventilation upgrades, affect ing drill rig utilization. On a full -year basis, diamond drilling increased 17% to
20,814 meters from 17,746 meters in 2024, reflecting higher drilling capacity , improved productivity, and
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
the reallocation of resources previously assigned to Turmalina. In addition, Smart Rigs contributed to
productivity by operating autonomously during shift changes.
• Turmalina Mine restart: On January 7, 2026 , the ANM officially lifted the restriction on operations at the
MTL Complex. This decision reflects ANM’s comprehensive review process and confirms Jaguar’s
compliance with the highest safety and operational standards. The approval allows the Company to execute
Stages 3, 4, and 5 of its Gradual Resumption Plan, marking an important milestone toward the restart of
operations at the Turmalina Mine. Underground preparation work began in August 2025 with ANM approval,
focusing on emergency escapeways and ventilation raises at Faina. During the quarter, 150 meters of
development was completed. Further details can be found in the Jaguar Mining press release dated
January 8, 2026.
• Satinoco dry-stacked facility: Work completed at Satinoco in 2025 ensured the pile does not present any
further geotechnical risks and support s the resumption of operations in the previously affected areas,
including the Paste Fill plant, a key component of the MTL operating system. Ongoing activities at the
Satinoco pile will continue through 2026, with the goal of progressing the facility toward closure.
• Strong cash position: As of December 31, 2025, net cash totalled $60.3 million, up from $45.1 million
at the end of the previous quarter and $4 3.0 million as of December 31, 2024. (As of this quarter, the
Company reports net cash position, as opposed to in previous quarters having reported gross cash position
(which includes Brazilian export credit loans ). Payments and disbursements related to the Satinoco
incident, including compensation to affected families , were made during the quarter . The Company also
benefited from favorable gold prices, which averaged $4,170 per ounce in the quarter and $3,421 per ounce
for the full year.
Quarterly Summary
Q4 2025 Q4 2024
Turmalina Pilar Total Turmalina Pilar Total
Tonnes milled (t) 0 96,177 96,177 59,471 100,959 160,430
Average head grade (g/t) 0.00 3.41 3.41 3.02 3.65 3.41
Recovery (%) 0% 89% 89% 74% 89% 84%
Gold ounces
Produced (oz) 0 9,356 9,356 4,276 10,511 14,787
Sold (oz) 0 9,123 9,123 5,188 10,854 16,042
Development 150 1,248 1,398 1,456 1,485 2,941
Primary (m) 150 457 607 984 617 1,600
Secondary (m) 0 792 792 392 868 1,260
Exploration Development (m) 0 0 0 80 0 80
Definition, infill and exploration drilling (m) 0 3,846 3,846 5,081 5,881 10,962
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Annual Summary 2025 2024
Turmalina Pilar Total Turmalina Pilar Total
Tonnes milled (t) 0 370,253 370,253 302,957 392,869 695,826
Average head grade (g/t) 0.00 3.77 3.77 3.08 3.67 3.41
Recovery (%) 0% 89% 89% 79% 88% 85%
Gold ounces
Produced (oz) 242 40,012 40,254 23,710 40,995 64,705
Sold (oz) 242 39,210 39,452 24,555 41,926 66,481
Development 397 5,523 5,920 7,117 4,717 11,834
Primary (m) 397 2,011 2,408 4,647 2,053 6,701
Secondary (m) 0 3,512 3,512 2,301 2,664 4,965
Exploration Development (m) 0 0 0 169 0 169
Definition, infill and exploration drilling (m) 0 20,814 20,814 20,992 17,746 38,738
Luis Albano Tondo, Chief Executive Officer of Jaguar, commented: “This quarter reflects the strength of our
people and the culture we are building , grounded in safety, accountability, and operational discipline. Across the
business, our teams remained focused on consistent execution while advancing the work required to strengthen
reliability, reinforce controls, and reduce operational risk.
Importantly, in early January 2026 we received ANM authorization to lift the operational restriction at the MTL
Complex. We view this as a meaningful milestone and a reflection of the progress achieved through a rigorous
review process. As we move forward, we will continue to prioritize saf e, compliant, and responsible execution at
every stage of our operations.
At Satinoco, our team completed the 2025 work program focused on ensuring the pile posed no further geotechnical
risk and on supporting the safe release of the previously affected operating areas required to resume production,
while maintaining transparent engagement with employees, regulators, and local stakeholders throughout the
process.
For the full year, gold production from Pilar totaled 40,012 ounces, with an additional 242 ounces produced from
Turmalina related to flotation concentration tests conducted on Faina ore in 2024 and shipped to a smelter in China
in 2025 , bringing total 2025 gold production to 40,254 ounces. This result was slightly above our expected
production level of approximately 40,000 ounces, reflecting disciplined execution and the resilience of our operating
teams.
Looking ahead to 2026, our priorities are clear: resume operations at the MTL Complex once final clearance from
the environmental authorities (NEA) is received, sustain strong production at the Pilar Mine, and rehabilitate and
restart production from the Santa Isabel Mine. This will position all three of Jaguar’s complexes to be in operation,
supported by strong governance, rigorous planning, and a continued focus on safety and care for our communities
and environment.”
2026 Outlook
For 2026, given the importance of the MTL Complex to our overall outlook, the Company intends to provide formal
production guidance once operations have resumed and sufficient operating visibility has been re-established.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Luis Albano
Tondo, BSc Mining Eng , MEngSc, MBA, FAusIMM, who is also of CEO 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").
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 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
Johan Daniel Karrqvist
Chief Financial Officer
Naomi Nemeth
Vice President Investor Relations
+1 647 465 2470
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," "est imate,"
"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 considere d to
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
be or include forward -looking information. This news release contains forward -looking information regarding, among other
things, the duration of the temporary suspension of the Company’s MTL complex in the wake of the slump at its Satinoco dry
tailings pile , the cost of resuming operations at the MTL complex, the future stability of the tailings pile in question and safety
of the Turmalina mine, the amount, timing and payment terms of any future fines imposed on the Company, as well as any costs
and damages arising from any civil or criminal lawsuits, resulting from the tailings pile slump, management’s expectations
regarding the Company’s response to the tailings pile slump and the Company’s recovery and remediation efforts at the MTL
complex, 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 develop ment of projects and new deposits, success of exploration,
development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restar ting
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,
assumptions about the future and long-term stability of the Satinoco tailings pile; there will be no unforeseen adverse weather
events or other external factors that could delay the Company’s recovery or remediation efforts; the current assumptions
regarding the extent of the damage and timeline for repairs at the MTL complex remain accurate and will not require significant
revision as further assessments are completed; 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/o r
there being adverse amendments to mining or other laws in Brazil and any changes to general business and econom ic
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 w ith
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 ri sks
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 forwar d-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.