Jaguar Mining Reports Financial Results FOR the First Quarter 2025 __________________________________________________________________________________________
JAGUAR MINING REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 2025
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Toronto, May 8, 2025 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, OTCQX:JAGGF) today
filed its first quarter results, the highlights of which are included in this news release. The interim condensed
consolidated financial statements for the quarter ended March 31, 202 5 and accompanying management's
discussion and analysis can be accessed by visiting the Company's website at https://jaguarmining.com or its profile
page on SEDAR+ at www.sedarplus.ca. All figures are in US Dollars, unless otherwise expressed.
First Quarter 2025 Highlights
• Financial and operating results for the first quarter are from the Company’s Pilar mine which is currently its sole
operating mine compared to the first quarter of 2024, when the Company had two operating mines, Pilar and
Turmalina. The Turmalina mine rema ins temporarily suspended following a slump of material at the dry -stack
facility that occurred at the MTL complex on December 7, 2024.
• Gold production for the quarter from the Pilar mine was 9,924 ounces compared to 16,177 ounces produced
from both the Pilar and Turmalina mines in the first quarter of 2024, reflecting a 54% reduction in ore tonnes
processed partly offset by a 32% increase in the average head grade.
• Gold sold for the quarter from the Pilar mine was 9,544 ounces at cash operating costs¹ of $ 1,105 per ounce
of gold sold and all -in sustaining costs¹ of $ 1,726 per ounce of gold sold. The realized gold price w as $2,845
per ounce in the quarter.
• Revenue for the quarter from the Pilar mine was $27.3 million compared to $32.6 million in revenue reported
in the first quarter of 2024, which included ounces produced and sold from both the Pilar and Turmalina mines.
Despite the reduction in ounces sold, lower revenue was partly offset by higher realized gold prices year-over-
year.
• Operating costs for the quarter were $ 10.5 million compared to $18.3 million reported in the first quarter of
2024. Lower operating costs in the current quarter mainly reflect the ongoing suspension of operations at the
Turmalina mine.
• Net loss for the quarter was $1.6 million (net loss of $ 0.02 per share) compared to net income of $ 2.8 million
($0.04 per share) reported for the first quarter of 2024. Adjusted net income¹, excluding the impact of $5.8
million in expenses recorded due to incident at the MTL complex, was $ 4.1 million ($0.05 per share) for the
quarter.
• Free cash flow¹ for the quarter, which is a non -GAAP measure defined below, was an outflow of $(3.2) million
compared to an inflow of $3.2 million in the first quarter of 2024. Free cash flow was an outflow of $(339) per
ounce of gold sold in the quarter c ompared to an inflow of $207 per ounce of gold sold in the first quarter of
2024. Free cash flow is calculated based on operating cash flow plus asset retirement obligation expenditures,
less sustaining capital expenditures.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Cash position
• As of March 31, 2025, the Company had cash and cash equivalents of $40.3 million, compared to a balance of
$46.4 million at December 31, 202 4. Cash and cash equivalents decreased by approximately $6. 1 million,
mainly reflecting payments made in the first quarter which included $3.1 million relating to environmental and
community provisions from to the incident at the MTL complex , and the repayment of $1.7 million of Notes
Payable.
Vern Baker, President and CEO of Jaguar, stated: "The first quarter of 2025 was a transitional period, as we
navigated our first full quarter of operating with just one mine, while our Turmalina mine remains temporarily
suspended. Despite operating with a single asset, our team demonstrated resilience and discipline, delivering a
solid performance from the Pilar mine and maintaining a healthy balance sheet. The strong gold price helped offset
lower production volumes, and our adjusted earnings underscores t he underlying strength of our business. At the
Pilar mine, we accelerated both development and diamond drilling beyond our original plan, and we continue to
expect production at the mine to gradually increase over the course of the year.
Our strong cash position provid es us with the flexibility to navigate near -term challenges as we advance efforts
toward a safe and responsible restart at the Turmalina mine. While we do not have a specific restart date,
discussions with the governmental agencies are progressing well.
During the quarter, we started rehabilitation work at the Santa Isabel mine which is part of our Paciência complex.
We expect to produce a few ounces from test mining in the third quarter , with ore processed at our Caeté plant.
Should results prove positive, the Santa Isabel mine could potentially become a source of ongoing production.
Although this year we continue to face some headwinds, we are managing with focus and discipline and remain
confident in the strong growth potential that lies ahead .”
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1This is a Non-GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non-GAAP
Performance Measures section of the Company’s MD&A.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
First Quarter 2025 Results
($ thousands, except where indicated) Three months ended
March 31
2025 2024
Financial Data
Revenue $ 27,289 $ 32,577
Operating costs 10,549 18,315
Depreciation 2,776 7,161
Gross profit 13,964 7,101
Net (loss) income (1,611) 2,827
Per share ("EPS") (0.02) 0.04
Adjusted Net income 1,3 4,143 2,827
Adjusted EPS 1,3 0.05 0.04
EBITDA 3,060 12,016
Adjusted EBITDA 1,2 14,683 11,322
Cash operating costs (per ounce sold) 1 1,105 1,167
All-in sustaining costs (per ounce sold)1 1,726 1,608
Average realized gold price (per ounce)1 2,845 2,076
Cash generated from operating activities (259) 8,109
Free cash flow1 (3,231) 3,246
Free cash flow (per ounce sold)1 (339) 207
Sustaining capital expenditures1 3,262 5,102
Non-sustaining capital expenditures1 933 2,876
Total capital expenditures 4,195 7,978
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, adjusted net income and adjusted EPS 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, fair value adjustments and write downs.
For more details refer to the Non-GAAP Performance Measures section of the MD&A.
3 Q1 2025 Adjusted Net Income excludes the impact of $5.8 million of expenses related to the Satinoco incident.
Three months ended
March 31
2025 2024
Operating Data
Gold produced (ounces) 9,924 16,177
Gold sold (ounces) 9,544 15,692
Primary development (metres) 438 929
Exploration development (metres) - 478
Secondary development (metres) 854 1,082
Definition, infill, and exploration drilling (metres) 5,439 6,843
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
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA 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 and Non-Sustaining Capital expenditures1
($ thousands) Three months ended
March 31
2025 2024
Sustaining capital1
Primary development $ 1,688 $ 3,719
Brownfield exploration 231 327
Mine-site sustaining 1,160 949
Other sustaining capital2 183 107
Total sustaining capital1 3,262 5,102
Non-sustaining capital (including capital projects) 1
Mine-site non-sustaining 457 2,637
Asset retirement obligation - non-sustaining2 290 239
Other non-sustaining capital1 186 -
Total non-sustaining capital1 933 2,876
Total capital expenditures $ 4,195 $ 7,978
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.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Free Cash Flow1
($ thousands, except where indicated) Three months ended
March 31
2025 2024
Cash generated from operating activities $ (259) $ 8,109
Adjustments
Asset Retirement Obligation 290 239
Sustaining capital expenditures2 (3,262) (5,102)
Free cash flow $ (3,231) $ 3,246
Ounces of gold sold 9,544 15,692
Free cash flow per ounce sold $ (339) $ 207
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.
Reconciliation of Cash Operating Costs, All-In Sustaining Costs and All-In Costs per Ounce Sold1
($ thousands, except where indicated) Three months ended
March 31
2025 2024
Operating costs $ 10,549 $ 18,315
General & administration expenses 2,501 1,799
Corporate stock-based compensation 3 9
Sustaining capital expenditures¹ 3,262 5,102
All-in sustaining cash costs 16,315 25,225
Reclamation (operating sites) 160 9
All-in sustaining costs $ 16,475 $ 25,234
Non-sustaining capital expenditures 933 2,876
Exploration and evaluation costs (greenfield) 395 582
Reclamation (non-operating sites) 461 255
Care and maintenance (non-operating sites) 224 190
All-in costs $ 18,488 $ 29,137
Ounces of gold sold 9,544 15,692
Cash operating costs per ounce sold² $ 1,105 $ 1,167
All-in sustaining costs per ounce sold² $ 1,726 $ 1,608
All-in costs per ounce sold² $ 1,937 $ 1,857
Average realized gold price $ 2,845 $ 2,076
Cash operating margin per ounce sold $ 1,740 $ 909
All-in sustaining margin per ounce sold $ 1,119 $ 468
1 Capital expenditures are included in our calculation of all-in sustaining costs and all-in costs.
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. Results may not calculate due to rounding.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 1
($ thousands, except where indicated) Three months ended
March 31
2025 2024
Net Loss (income) $ (1,611) $ 2,827
Income tax expense 594 1,249
Finance costs 1,266 745
Depreciation and amortization 2,811 7,195
EBITDA1 $ 3,060 $ 12,016
Changes in other provisions and VAT taxes 406 508
Satinoco event 5,754 -
Foreign exchange loss (gain) 5,890 (1,211)
Stock-based compensation 3 9
Financial instruments (gain) (430) -
Adjusted EBITDA1 $ 14,683 $ 11,322
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
Working Capital1
($ thousands)
March 31 December 31
2025 2024
Cash and cash equivalents $ 40,342 $ 46,357
Non-cash working capital
Other current assets:
Short term investment 1,871 1,438
Restricted cash 916 923
Inventory 15,977 15,343
Recoverable taxes 4,350 3,933
Other accounts receivable 334 328
Prepaid expenses and advances 2,120 2,226
Current liabilities:
Accounts payable and accrued liabilities (12,464) (15,803)
Notes payable (1,377) (3,044)
Lease liabilities (1,384) (1,363)
Current tax liability (443) (1,422)
Other taxes payable (321) (487)
Reclamation provisions (8,676) (8,585)
Legal and other provisions (24,976) (26,174)
Working capital¹ $ 16,269 $ 13,670
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Eric
Duarte, Geo, MBA, FAusIMM, Vice President Business Development, who is also an employee 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 42,000 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 Mining Complex (Turmalina mine and plant) and Caeté Mining
Complex (Pilar and Roça Grande mines, and Caeté plant). Th e Roça Grande mine has been on temporary care
and maintenance since April 2019. The Company also owns the Paciência Mining 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
Alfred Colas
Chief Financial Officer
Jaguar Mining Inc.
416-847-1848
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,"
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
"believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "woul d,"
"might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considere d 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
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 dam ages 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 infor mation 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, 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 impac ted 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, exp loration 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 o f 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 indus try, 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 productio n, 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.