Jaguar Mining Inc. Reports Second Quarter 2025 Operating Results, Demonstrating Resilience and Strategic Focus While Advancing Mtl Restart _________________________________________________________________________________________
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING INC. REPORTS SECOND QUARTER 2025 OPERATING RESULTS,
DEMONSTRATING RESILIENCE AND STRATEGIC FOCUS WHILE ADVANCING MTL RESTART
_________________________________________________________________________________________
Toronto, July 9, 2025 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) is pleased to announce
its preliminary operating results for the second quarter of 2025, demonstrating the Company’s operational strength
and strategic agility. These results highlight a commitment to sustainable growth and operational excellence, laying
a strong foundation for future success. Full financial results for the quarter will be reported and filed on SEDAR+ by
August 14, 2025. All figures are in US Dollars, unless otherwise expressed.
Second Quarter Operating Highlights
In the second quarter, the Company achieved consolidated gold production totaling 10,973 ounces. This
output was supported by strong production from the Pilar mine, which contributed 10,731 ounces, along
with 242 ounces from a successful metallurgical test utilizing Faina material. This tested material,
processed at the Caeté plant, was sold and contributed to the quarter's gold production. While this
represents a temporary shift in operational focus compared to the 17,244 ounces produced in the second
quarter of 2024 (which included production from both the Pilar and Turmalina mines), the variance is
primarily due to the temporary suspension of operations at the Turmalina mine. This suspension was
imposed by regulatory authorities following a localized incident at the Satinoco dry-stacked facility. The
Company continues to engage collaboratively with all stakeholders and to reaffirm its unwavering
commitment to safety and environmental stewardship.
The Pilar mine delivered strong operating results during the quarter, producing 10,731 ounces of gold
from 92,846 tonnes, at an improved 4.04 g/t head grade and 89% recovery. These results reflect tangible
progress compared to the second quarter of 2024, when the mine produced 10,694 ounces at 3.83 g/t and
88% recovery. Pilar successfully increased output by 37 ounces year-over-year, while also achieving a
five percent improvement in head grade and a one percent enhancement in plant recovery . This
performance reflects improved efficiency initiatives at the Pilar mine.
Strategic development at Pilar progressed this quarter, with a total of 1,488 meters completed. Work
remained focused on advancing the BA zone and the expansion of the SW ore body in the upper mine
levels, both were supported by the additional resources from the MTL team. The Company also extended
essential emergency routes and exits. This approach resulted in a significant acceleration of development
efforts, representing a 377-meter increase – a 34% improvement – compared to the second quarter of
2024.
Drilling initiatives in the second quarter of 2025 demonstrated strong growth, with a 51% increase in total
meters drilled compared to the prior year period. This progress highlights significant advancements in
productivity and overall efficiency, driven by key strategic enhancements: the expansion of drilling teams
at Pilar, the integration of an advanced Smart rig, and the strategic reallocation of resources from
Turmalina. Additionally, effective equipment management, coupled with the leveraging of automation within
the Smart rigs, played a crucial role in minimizing downtime and elevating performance levels. Collectively,
these achievements reinforce the Company’s commitment to continuous improvement and operational
excellence.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
The Company’s cash position as of June 30, 2025, was $48.3 million, increasing from $40.3 million in the
previous quarter and $46.3 million as of December 31, 2024. In the second quarter, payments and ongoing
disbursements were made related to the Satinoco dry-stacked facility incident, including compensation to
affected families. The Company also benefited from favorable gold prices during the quarter, which
averaged $3,264 per ounce, compared to a year-to-date average of $3,078 per ounce.
Second Quarter Operating Results
Quarterly Summary Q2 2025 Q2 2024
Pilar Total Turmalina Pilar Total
Tonnes milled (t) 92,846 92,846 71,476 98,674 170,150
Average head grade (g/t) 4.04 4.04 3.25 3.83 3.59
Recovery (%) 89 89 87 88 88
Gold ounces
Produced (oz) 10,731 10,973* 6,550 10,694 17,244
Sold (oz) 10,744 10,986* 7,301 11,720 19,021
Development 1,488 1,488 1,971 1,111 3,082
Primary (m) 628 628 730 543 1,273
Secondary (m) 860 860 562 568 1,130
Exploration Development (m) 0 0 679 0 679
Definition, infill and exploration drilling (m) 5,755 5,755 5,419 3,810 9,229
*A total of 242 ounces was produced and sold, originating from a metallurgical test conducted using material from
Faina pertaining to 2024 production. Further details are provided in the following section.
Faina Material Testwork and Strategic Production Alternatives
A metallurgical test was recently conducted using material mined from the Faina deposit, corresponding to 2024.
Approximately 242 ounces of gold were produced and sold in the second quarter of 2025 as a result of this test.
The material was concentrated through flotation at the Caeté plant, with the resulting concentrate exported to a
smelter-refinery in China to be converted into pure gold bars.
Results from this test work are currently pending confirmation from the refinery in China. Until these results are
confirmed, specific figures related to mass, grade, and metallurgical recovery have not been consolidated or
disclosed.
The flotation test is part of an ongoing program of evaluating alternative processing routes to significantly improve
Faina metallurgical recovery. Exploring these alternative processing routes highlights a proactive strategy of
ensuring continued gold output and operational flexibility.
Advancing Towards the Resumption of MTL Operations: A Structured and Responsible Pathway
Following the Satinoco dry-stacked facility incident, the Company has remained firmly committed to safety,
environmental stewardship, and the well-being of the local community.
In close consultation with the applicable governmental agencies in Brazil, the Company has developed a carefully
structured and comprehensive plan to support the safe and sustainable restart of operations at the MTL complex.
As part of this process, the Company will undertake the necessary technical studies and implement required
construction adjustments to ensure the geotechnical safety factors at Satinoco meet or exceed industry standards.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
These geotechnical safety factors will be validated by an independent consultant selected by the authorities, and
full resumption of operations will depend on the lifting of restrictions once compliance has been confirmed. The plan
consists of a series of critical phases and deliverables, each reflecting a commitment to a responsible and structured
reinstatement.
The plan is comprised of the following interconnected stages:
1. Comprehensive Stabilization and Engineering Studies
The initial stage focuses on ensuring the long-term stability and integrity of the Satinoco dry-stacked facility,
including detailed technical assessments and the implementation of robust engineering solutions.
o Notably, this encompasses a thorough rupture and sensitivity analysis for all slopes, which is
providing information for the detailed design of the facility’s final geometry. Additionally, the bottom
drainage system is being addressed, from conceptualization to execution and as-built validation,
to further strengthen the structural integrity.
o In parallel, a key milestone is the creation of a new area for future tailings disposal: the Company
is reconfirming and lining the existing Faina open pit to safely receive tailings for the next two years
of operations. Looking further ahead, the Company has secured a new, permanent disposal area
nearby, with sufficient capacity to store all MTL tailings over the entire Life of Mine, ensuring long-
term sustainability and compliance.
2. Regulatory Engagements and Legal Resolutions
The second stage centers on transparent engagement with regulatory bodies and the resolution of legal
matters. Efforts are concentrated on securing all necessary approvals and aligning with the expectations
of the relevant authorities.
o Key milestones include finalizing the Termo de Ajustamento de Conduta (TAC), maintaining active
collaboration with the Environmental Foundation of Minas Gerais (FEAM) and the National Mining
Agency (ANM), and presenting the comprehensive resumption plan. Constructive dialogue is also
ongoing with the Ministry of Labor and Employment, as well as the Public Prosecutor’s Office.
Additional priorities include advancing the resolution of pending Public Civil Actions and confirming
the final compensation amounts.
o Negotiations concerning fines and other legal matters are well advanced with various authorities;
however, no additional agreements have been signed at this time. The only agreement executed
to date is with the Public Defender’s Office (press release dated March 26, 2025), which relates
specifically to the methodology used for calculating compensation to affected individuals — a
matter that has already been publicly disclosed. The Company will promptly issue a press release
if any material developments occur, including without limitation, the finalization of any additional
agreements.
3. Operational Readiness and Infrastructure Reinstatement
In the third stage, which runs in parallel to the regulatory progress, the Company is preparing operations
for a safe and efficient restart. This stage involves the restoration of essential infrastructure and ensuring
comprehensive workforce readiness.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
o Main activities include phased manpower remobilization, establishment of temporary administrative
facilities, and critical enhancements such as emergency exit and ventilation adaptations.
o Preparations for the pastefill plant—including preventive maintenance and yard
impermeabilization—are planned to commence as soon as the corresponding permits are granted.
Attention to obtaining the necessary municipal permits continues to be a priority.
4. Final Permissions for Resumption
The final stage marks the culmination of the process, with the granting of formal authorization to resume
operations.
o Achieving this milestone will signify the successful completion of all preceding phases, affirming
the Company’s readiness to recommence activities with full regard for safety and compliance.
While not guaranteed, the Company’s current best estimate is that operations at the MTL complex could resume
in the first quarter of 2026. Throughout each phase, teams remain committed to the highest standards of operational
excellence and corporate responsibility. This structured approach underscores a continued focus on building a
resilient and sustainable future for the MTL complex, its workforce, and the surrounding communities.
Vern Baker, Director and CEO of Jaguar stated : "In the second quarter of 2025, we achieved consolidated gold
production of 10,973 ounces. This output was delivered during a period requiring strategic adaptation due to the
temporary suspension of operations at the Turmalina mine. The Pilar mine delivered a strong performance,
producing 10,731 ounces and increasing development rates significantly. We also saw tangible year-over-year
improvements at Pilar, including a five percent increase in head grade and a one percent improvement in plant
recovery, reflecting efforts to improve operational efficiency. Financially, our cash position strengthened to $48.3
million as of June 30, representing an increase from the prior quarter, supported by favorable gold prices which
averaged $3,264 per ounce. These results reflect continued efforts to maintain operational stability and financial
resilience during a period of transition."
Luis Albano Tondo, Deputy CEO of Jaguar stated: "Addressing the Satinoco dry-stacked facility incident at our MTL
complex remains our paramount focus, underscoring our commitment to safety, environmental responsibility, and
the well-being of our community. We are steadily progressing through a structured and comprehensive process
aimed at working towards the safe and sustainable resumption of operations at the MTL complex. Our plan outlines
essential phases, beginning with initial stabilization and engineering studies—which includes preparing a new area
within the Faina open pit for tailings disposal—followed by necessary regulatory engagements and legal resolutions
in close collaboration with authorities. This will be succeeded by operational readiness and infrastructure
reinstatement, culminating in securing the required approvals to resume operations. This is a complex and multi-
faceted undertaking, and we are diligently working towards our current target of resuming operations in the first
quarter of 2026. Our collective efforts remain firmly focused on ensuring a responsible and sustainable future for
our operations and all stakeholders."
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 the Deputy 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").
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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 planned to restart in 2025. 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.
416-847-1854
Luis Albano Tondo
Deputy 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 duration of the temporary suspension of the Company’s MTL complex in the wake of the slump at its Satinoco dry
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
tailings pile, the cost and timing of resuming operations at the MTL complex, the Company’s ability to advance and complete its
plan to resume operations at the MTL complex in accordance with (and as contemplated by) the above, the future stability of
the tailings pile in question and safety of the Turmalina mine, the amount, timing and payment terms of any 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 potential outcomes of any ongoing legal matters relating to 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 future operations at any of the Company’s
properties, including Pilar and Turmalina, 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, 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; the estimated timeline for recommencing
operations at the MTL complex; the 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 timelines and achieving the milestones outlined above regarding the Company’s current plan and process for
resuming operations at the MTL complex, 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.