Jaguar Mining Inc. Reports Third Quarter 2025 Operating Results, Solid Performance at Pilar Complements Key Progress ON Mtl Complex Resumption _______________________________________________________________________________________
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING INC. REPORTS THIRD QUARTER 2025 OPERATING RESULTS, SOLID
PERFORMANCE AT PILAR COMPLEMENTS KEY PROGRESS ON MTL COMPLEX RESUMPTION
_______________________________________________________________________________________
Toronto, ON, October 14, 2025 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) is pleased to
announce its preliminary operating results for the third 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 November 15, 2025. All
figures are in US Dollars, unless otherwise expressed
Third Quarter Operating Highlights
• Consolidated gold production : Totaled 10,002 ounces, all from the Pilar mine , compared with 16,912
ounces in the third 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 the Turmalina mine following
a localized incident at the Satinoco dry -stacked facility in December 2024 . Gold production from Pilar
totaled 30,657 ounces for the first nine months of 2025.
• Pilar mine performance: Pilar delivered reliable operating results, producing 10,002 ounces of gold from
94,586 tonnes at a 3.68 g/t head grade and 89% recovery. This represents a slight decrease in production,
milled tonnes, and head grade compared to the third quarter of 2024, when the mine produced 10,433
ounces of gold from 97,306 tonnes at a 3.74 g/t head grade and 89% recovery. This decrease reflects the
natural variability in the orebody and the specific mining sequence planned for 2025.
• Development activity: Strategic development at Pilar remained a priority, with 1,494 meters of primary
and secondary development completed during the quarter. While th is consolidated total was lower than
the 3,324 meters recorded in the third quarter of 2024, which included Turmalina, the Company’s strategic
focus on Pilar remained steadfast. Notably, secondary development at Pilar increased to 1,007 meters,
compared with 812 meters in the third quarter of 2024, representing a 24% increase and highlighting
intensified efforts to prepare new mining fronts.
• Drilling progress: Drilling initiatives continued to reflect the Company’s strategic direction, with 5,774
meters of definition, infill, and exploration drilling completed at Pilar, a 21% increase compared to the
4,784 meters drilled during the same period in 2024. The improvement in drilling productivity and efficiency
was driven by the expansion of drilling teams, the integration of technologies including Smart rigs, and the
strategic reallocation of resources previously associated with Turmalina.
• Turmalina mine restart : Underground preparatory work at Turm alina commenced in August , marking
tangible progress toward the MTL complex restart. Permitted by the National Mining Agency (ANM), the
work focused on improving emergency escapeways and ventilation raises at the Faina orebody. During the
quarter, 248 meters of development was completed, exceeding the 189 meters planned and completing
the first phase of the mine resumption plan. Our close engagement with the National Mining Agency (ANM)
continues as we seek approval for the second phase of resumption, which is vital for restarting secondary
development and preparing the stopes for future mining as soon as all embargos are lifted.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
• Satinoco dry-stacked facility: Substantial progress was also made on the reconfiguration of the Satinoco
dry-stacked facility, advancing toward the critical pile stabilization phase. In September, essential
earthworks were completed on the southeastern slope, located behind the paste fill plant. This milestone
is particularly significant, achieving a geotechnical safety factor exceeding 1.5, the required threshold to
ensure the long-term stability and integrity of the structure. The accomplishment establishes safe conditions
for ongoing maintenance of the paste fill plant and for the reconstruction of its power line, which was
damaged during the December 2024 incident. The Company continues to engage constructively with the
appropriate authorities to secure approvals for the resumption of work at the paste fill plant .
• Strong cash position: As of September 30, 2025, cash totalled $52.0 million, up from $48.3 million at the
end of the previous quarter and $46.3 million as of December 31, 2024. During the quarter, payments and
disbursements were made related to the Satinoco dry -stacked facility incident, including compensation to
affected families. The Company also benefited from favorable gold prices , which averaged $3,465 per
ounce in the quarter, compared with a year-to-date average of $3,196 per ounce.
Third Quarter Operating Results
Quarterly Summary Q3 2025 Q3 2024
Turmalina Pilar Total Turmalina Pilar Total
Tonnes milled (t) - 94,586 94,586 76,634 97,306 173,940
Average head grade (g/t) - 3.68 3.68 3.59 3.74 3.67
Recovery (%) - 89.33% 89.33% 73.3% 89.1% 82.3%
Gold ounces
Produced (oz) - 10,002 10,002 6,479 10,433 16,912
Sold (oz) - 9,799 9,799 5,630 10,086 15,716
Development 248 1,494 1,742 1,955 1,369 3,324
Primary (m) 248 487 735 1,267 557 1,824
Secondary (m) - 1,007 1,007 599 812 1,411
Exploration Development (m) - 0 0 89 - 89
Definition, infill and exploration
drilling (m)
- 5,774 5,774 5,356 4,784 10,140
A Clear Path Forward: The MTL Complex Resumption Plan
As previously communicated, Jaguar remains committed to safety, environmental stewardship, and the well -being
of the local communities affected by the incident at the Satinoco dry -stacked facility. In close and transparent
consultation with the relevant governmental agencies in Brazil, the Company continues to advance a carefully
designed, comprehensive plan designed to support the safe and sustainable restart of operations at the MTL
complex.
This plan includes completing all required technical studies and implementing the necessary construction measures
to ensure that the geotechnical safety factors at Satinoco not only meet but exceed prevailing industry standards.
Independent validation of these safety factors by consultants appointed by the authorities is a crucial next step. The
full resumption of operations is contingent on the lifting of restrictions once compliance has been confirmed.
The Company's strategic plan for the MTL complex is structured into four interconnected stages, each designed to
ensure a methodical and responsible path to resumption:
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
1. Comprehensive Stabilization and Engineering Studies
The initial stage is focused on ensuring the long-term stability and structural integrity of the Satinoco dry -
stacked facility. It includes detailed technical assessments and the implementation of robust engineering
solutions. A major accomplishment in this phase was the successful creation of a new area for future tailings
disposal within the Faina open-pit, which will provide sufficient capacity for the next two years. In addition,
a new, permanent disposal area with ample capacity to support the full Life of Mine has already been
secured nearby, highlighting the Company’s proactive long-term planning.
2. Regulatory Engagements and Legal Resolutions
The second stage centered on transparent and continuous engagement with all relevant regulatory bodies
and the timely resolution of legal matters. As recently announced (see press release dated September 3,
2025), all legal matters related to the Satinoco dry-stack pile have now been resolved.
3. Operational Readiness and Infrastructure Reinstatement
In the third stage, the Company has been systematically preparing operations for a safe, efficient, and
timely restart. The following tasks have been advanced:
➢ Phased remobilization of skilled personnel – complete
➢ Implementation of critical infrastructure upgrades, including emergency exits and ventilation
systems – complete
➢ Establishment of temporary administrative facilities – substantially complete
➢ Preparations for the paste fill plant – planned to commence upon receipt of the corresponding
permits
4. Final Permissions for Resumption
The final stage marks the culmination of the process, with the granting of formal authorization to resume
operations.
While not guaranteed , the Company's current best estimate remains that operations at the MTL complex could
resume in the first quarter of 2026. Throughout each phase, Jaguar’s teams have remained committed to the
highest standards of operational excellence and corporate responsibility, ensuring a future that is both productive
and sustainable.
Luis Albano Tondo, Chief Executive Officer of Jaguar , commented on the quarter’s performance and the
Company’s path forward: “This past quarter, we continued to demonstrate resilience and strategic focus as we
advanced the safe and sustainable re start of the MTL complex . At Satinoco, essential earthworks achieved a
geotechnical safety factor exceeding 1.5, ensuring long-term stability, and underground preparatory work at the
Turmalina mine recommenced, surpassing planned development. We remain on track to resume operations at the
MTL complex in the first quarter of 2026.
Meanwhile, the Pilar mine continued to perform reliably, producing 10,002 ounces of gold from 94,586 tonnes with
reasonable head grades and recover ies. We strategically increased secondary development by 24% and drilling
by 21%, preparing new mining fronts and leveraging resources efficiently. This consistent performance at Pilar,
alongside our progress at MTL, underscores our strong operational foundation and ongoing commitment to safety,
sustainability, and long-term value creation for all stakeholders.”
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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
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," "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
be or includ e 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 and timing of resuming operations at the MTL complex, the Company’s ability to advance and complete its
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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 produc tion, 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 th e 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 expec tations 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 enviro nmental 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, i f
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.