Jaguar Mining Reports Financial Results FOR the First Quarter 2024 __________________________________________________________________________________________
JAGUAR MINING REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 2024
__________________________________________________________________________________________
Toronto, May 9, 2024 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, TCQX:JAGGF) today
announced financial results for the first quarter ended March 31, 202 4 (“Q1 2024”) . All figures are in US Dollars,
unless otherwise expressed.
First Quarter Highlights
• Gold production for the quarter was 1 6,177 ounces with 15,692 gold ounces sold, at cash operating costs¹ of
$1,167 per ounce of gold sold and all-in sustaining costs¹ of $1,608 per ounce of gold sold. Realized gold prices
were $2,076 per ounce.
• Revenue for the quarter $32.6 million, 9% below revenue in the first quarter of 2023 (“Q1 2023”) driven by lower
production and fewer ounces sold which was partly offset by higher realized gold prices.
• Net income for the quarter was $ 2.8 million ($0.04 per share) and $0.4 million ($0.01 per share) higher than
net income in Q1 2023.
• Operating costs for the quarter were $18.3 million compared to operating costs of $20.6 million in Q1 2023.
• Free cash flow 1 for the first quarter was $ 3.3 million and in line with Q1 2023, based on operating cash flow
plus asset retirement obligation expenditures, less capital. Free cash flow per ounce1 sold for the quarter $207
and $176 per ounce sold in Q1 2023.
Cash position and working capital1
• As of March 31, 2024, the Company had cash and cash equivalents of $26.4 million, compared to $22.0 million
in cash and cash equivalents as at December 31, 2023.
• As of March 31, 2024, working capital was $21.4 million, compared to $12.6 million as at December 31, 2023.
Vern Baker, President and CEO of Jaguar, stated : “I am very pleased with how our efforts have progressed at
advancing Faina in the Turmalina Mine and BA in the Pilar Mine. Despite first-quarter production challenges and a
Dengue epidemic, the company continued operating in a cost -conscious manner and increased its cash position
while continuing to invest in Faina and BA. The BA orebody made a significant contribution to Q1 production at
Pilar, specifically in March, and ongoing development of the BA orebody is expected to contribute to stoping
throughout the year. Consolidated production levels in the second quarter will be similar to the first quarter as we
work through grade issues that have impacted production at Turmalina since the beginning of April. We are making
additional investments in development at Turmalina which we expect will bring its grades back above three grams
per tonne. In addition, we have restructured management at the min e to enhance our focus on grade and fully
integrate Faina within the production team. In the third quarter , production at Turmalina will return to expected
levels, augmented by production at Faina. Overall, we expect to see increased production in the second half of the
year with totals expected above 2023 levels.”
1 This is a Non -GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non -GAAP
Performance Measures section of the MD&A
2
JAGUAR MINING INC.
1400-1 Adelaide Street East, Toronto Ontario M5C 3A1
First Quarter 2024 Results
($ thousands, except where indicated)
2024 2023
Financial Data
Revenue $ 32,577 $ 35,844
Operating costs 18,315 20,612
Depreciation 7,161 5,765
Gross profit 7,101 9,467
Net income 2,827 2,473
Per share ("EPS") 0.04 0.03
EBITDA 12,016 11,046
Adjusted EBITDA 1,2 11,322 12,487
Adjusted EBITDA per share 1,2 0.14 0.17
Cash operating costs (per ounce sold) 1 1,167 1,084
All-in sustaining costs (per ounce sold) 1 1,608 1,575
Average realized gold price (per ounce)1 2,076 1,886
Cash generated from operating activities 8,109 10,365
Free cash flow1 3,246 3,347
Free cash flow (per ounce sold)1 207 176
Sustaining capital expenditures1 5,102 7,212
Non-sustaining capital expenditures1 2,876 2,212
Total capital expenditures 7,978 9,424
Three months ended
March 31
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in
sustaining costs, free cash flow, EBITDA and adjusted EBITDA, and adjusted EBITDA per share are non-GAAP financial
performance measures with no standard definition under IFRS. Refer to the Non-GAAP Financial Performance Measures
section of the MD&A.
2 Adjusted EBITDA excludes non-cash items such as impairment, foreign exchange,stock-based compensation and write
downs. For more details refer to the Non-GAAP Performance Measures section of the MD&A.
2024 2023
Operating Data
Gold produced (ounces) 16,177 18,156
Gold sold (ounces) 15,692 19,008
Primary development (metres) 929 1,259
Exploration development (metres) 478 216
Secondary development (metres) 1,082 1,405
Definition, infill, and exploration drilling (metres) 6,843 9,654
March 31
Three months ended
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JAGUAR MINING INC.
1400-1 Adelaide Street East, Toronto Ontario M5C 3A1
Non-GAAP Performance Measures
The Company has included the following Non-GAAP performance measures in this document: cash operating costs
per ounce of gold sold, all-in sustaining costs per ounce of gold sold, average realized gold price (per ounce of gold
sold), sustaining capital expenditures, non-sustaining capital expenditures, adjusted operating cash flow, free cash
flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBIT DA and working
capital. These Non-GAAP performance measures do not have any standardized meaning prescribed by IFRS and,
therefore, may not be comparable to similar measures presented by other companies.
The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate the Company’s performance. Accordingly, they are intended to provide
additional information and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. More specifically, Management believes that these figures are a useful indicator
to investors and management of a mine’s performance as they provide : (i) a measure of the mine’s cash margin
per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the
mine matures; and (iii) an internal benchmark of performance to allow for comparison against other mines. The
definitions of these performance measures and reconciliation of the Non -GAAP measures to reported IFRS
measures are outlined below.
Reconciliation of sustaining capital to non-sustaining capital expenditures1
Reconciliation of Sustaining Capital and Non-Sustaining Capital Expenditures 1
($ thousands)
2024 2023
Sustaining capital 1
Primary development 3,719$ 5,159$
Brownfield exploration 327 299
Mine-site sustaining 949 1,638
Equipment 949 1,638
Other sustaining capital 2 107 116
Total sustaining capital1 5,102 7,212
Non-sustaining capital (including capital projects) 1
Mine-site non-sustaining 2,637 2,018
Asset retirement obligation - non-sustaining 2 239 194
Other non-sustaining capital 1 - -
Total non-sustaining capital1 2,876 2,212
Total capital expenditures 7,978$ 9,424$
Three months ended
1 Sustaining and non-sustaining capital are non-GAAP financial measures with no standard definition under IFRS.
Refer to the non-GAAP Financial Performance Measures section of the MD&A. Capital expenditures are included in the
calculation of all-in sustaining costs and all-in costs.
2 Asset retirement obligation - non-sustaining is related to expenditures with dam closing projects. Payments related
to the Company asset retirement obligation are classified as operating activities in accordance with IFRS financial
measures.
March 31
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JAGUAR MINING INC.
1400-1 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Free Cash Flow1
Reconciliation of Cash Operating Costs, All-In Sustaining Costs and All-In Costs per Ounce Sold1
($ thousands, except where indicated)
2024 2023
Cash generated from operating activities $ 8,109 $ 10,365
Adjustments
Asset Retirement Obligation 239 194
Sustaining capital expenditures2 (5,102) (7,212)
Free cash flow $ 3,246 $ 3,347
Ounces of gold sold 15,692 19,008
Free cash flow per ounce sold $ 207 $ 176
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
2 Further detail on the sustaining capital expenditures composition can be found on the reconciliation of sustaining capital and
non-sustaining capital expenditures in the non-GAAP reconciliation.
Three months ended
March 31
($ thousands, except where indicated)
2024 2023
Operating costs $ 18,315 $ 20,612
General & administration expenses 1,799 1,701
Corporate stock-based compensation 9 419
Sustaining capital expenditures¹ 5,102 7,212
All-in sustaining cash costs 25,225 29,944
Reclamation (operating sites) 9 -
All-in sustaining costs $ 25,234 $ 29,944
Non-sustaining capital expenditures 2,876 2,212
Exploration and evaluation costs (greenfield) 582 987
Reclamation (non-operating sites) 255 -
Care and maintenance (non-operating sites) 190 168
All-in costs $ 29,137 $ 33,311
Ounces of gold sold 15,692 19,008
Cash operating costs per ounce sold² $ 1,167 $ 1,084
All-in sustaining costs per ounce sold² $ 1,608 $ 1,575
All-in costs per ounce sold² $ 1,857 $ 1,752
Average realized gold price $ 2,076 $ 1,886
Cash operating margin per ounce sold $ 909 $ 802
All-in sustaining margin per ounce sold $ 468 $ 311
2 Cash operating costs, all-in sustaining costs and all-in costs are all non-GAAP financial performance measures with no
standard definition under IFRS. Result may not calculate due to rounding.
1 Capital expenditures are included in our calculation of all-in sustaining costs and all-in costs.
Three months ended
March 31
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JAGUAR MINING INC.
1400-1 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 1
Working capital1
($ thousands, except where indicated)
2024 2023
Net Income $ 2,827 $ 2,473
Income tax expense 1,249 1,895
Finance costs 745 894
Depreciation and amortization 7,195 5,784
EBITDA1 $ 12,016 $ 11,046
Changes in other provisions and VAT taxes 508 70
Foreign exchange loss (1,211) 952
Stock-based compensation 9 419
Adjusted EBITDA1 $ 11,322 $ 12,487
Weighted average outstanding shares 79,066,665 72,564,246
Adjusted EBITDA per share1 $ 0.14 $ 0.17
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
Three months ended
March 31
March 31 December 31
2024 2023
Cash and cash equivalents $ 26,475 $ 22,041
Other current assets:
Restricted cash 1,011 897
Inventory 17,493 15,639
Recoverable taxes 5,038 5,584
Other accounts receivable 595 310
Prepaid expenses and advances 2,100 1,556
Current liabilities:
Accounts payable and accrued liabilities (15,699) (16,082)
Notes payable (3,128) (3,295)
Lease liabilities (1,390) (1,953)
Current tax liability (1,245) (1,381)
Other taxes payable (1,141) (1,334)
Reclamation provisions (3,646) (4,298)
Legal and other provisions (5,033) (5,068)
Working capital¹ $ 21,430 $ 12,616
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
($ thousands)
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JAGUAR MINING INC.
1400-1 Adelaide Street East, Toronto Ontario M5C 3A1
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Jonathan
Victor Hill, BSc (Hons) (Economic Geology - UCT), FAUSIMM, who is Advisor Exploration and Geology to 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 third largest gold
land position in the Iron Quadrangle with over 55,000 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 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.
416-847-1854
Alfred Colas
Chief Financial Officer
Jaguar Mining Inc.
416-847-1854
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 anticipated impact of planned changes in mining systems and cost cutting initiatives on the Company’s future
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JAGUAR MINING INC.
1400-1 Adelaide Street East, Toronto Ontario M5C 3A1
performance and production results , information related to expected 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 th e development 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 estimated timeline for the development of its mi neral 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; mar ket 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 p otential 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 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 disr uptions,
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 inheren t to the gold
exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from tho se
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 s pills,
procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insura nce,
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.sedar plus.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 fo rward-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.