Jaguar Mining Reports Financial Results FOR the Fourth Quarter and Full Year 2024 __________________________________________________________________________________________
JAGUAR MINING REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND
FULL YEAR 2024
__________________________________________________________________________________________
Toronto, March 31, 2025 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, OTCQX:JAGGF) today
filed its year -end results, the highlights of which are included in this news release. The full set of audited
consolidated financial statements for the fiscal years ended December 31, 2024 and 2023, accompanying
management's discussion and analysis and annual information form 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.
Fourth Quarter and Full Year 2024 Highlights
• Fourth quarter results were impacted by the slump of material at the dry -stack facility at the Company’s MTL
complex that occurred on December 7, 2024. The incident resulted in the temporary suspension of production
activities at the Turmalina mine while t he facility was stabilized. Work with government agencies, relocating
material from the pile, assisting local community members, and care and maintenance of the mine and plant
have been ongoing since the incident. Currently, the timing of the resumption of operations is unknown, but
efforts to stabilize the pile and assure the future safe operation of the complex are progressing well.
• Gold production for the fourth quarter was 14,786 ounces, with 16,043 ounces sold at cash operating costs¹ of
$1,106 per ounce of gold sold and all-in sustaining costs¹ of $1,737 per ounce of gold sold. Realized gold prices
were $2,641 per ounce in the quarter.
• Gold production for the full year was 64,704 ounces, with 66,483 ounces sold at cash operating costs¹ of $1,102
per ounce of gold sold and all-in sustaining costs¹ of $1,651 per ounce of gold sold. Realized gold prices were
$2,386 per ounce in 2024.
• Gold produced and sold for the quarter and full year were impacted by the temporary suspension of operations
at the MTL Complex/Turmalina mine following the incident that occurred at the Satinoco pile on December 7,
2024.
• Revenue for the quarter and full year was $42.4 million and $158.6 million respectively, 18% above revenue in
the fourth quarter of 2023 and 16% above revenue for the full year 2023, driven by higher realized gold prices
year-over-year partially offset by fewer ounces sold.
• Net loss for the quarter was $19.9 million (loss per share of $0.25). Adjusted net income¹ for the quarter,
excluding the impact of $ 26.3 million in expenses recorded due to the MTL incident , was net income of $6.4
million ($0.08 per share).
• Net loss for the full year was $1.3 million (loss per share of $0.02). Adjusted net income¹ for the full year,
excluding the impact of $ 26.3 million in expenses recorded in the fourth quarter due to the MTL incident and
$5.6 million in legal provisions expensed in the third quarter, was $30.6 million ($0.39 per share). Net loss and
adjusted net income both include $9.2 million of FX gains recorded 2024, reflect the weakening of the Brazilian
Real when compared to US dollar through the year.
• Operating costs for the quarter and full year were $ 17.7 million and $73. 3 million respectively, compared to
operating costs for the quarter and full year of $19.7 million and $79.4 respectively in 2023. Operating costs
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
were lower year-over-year driven by favourable BRL exchange rates, augmented by cost -reduction initiatives
which began in late 2023 and continued in 2024, combined with fewer operating costs from Turmalina due to
the suspension of operations in early December.
• Free cash flow1 for the quarter and full year was $ 9.7 million and $33.3 million respectively and was based on
operating cash flow less asset retirement obligation expenditures and sustaining capital expenditures. Free
cash flow per ounce1 sold for the quarter and full year was $606 and $500 respectively.
• As at year end, the Company had cash and cash equivalents of $46.4 million.
Vern Baker, President and CEO of Jaguar, stated: “Our fourth quarter and full year results for 2024 were significantly
impacted by the incident at our MTL complex. Despite the loss of nearly a month of production at the Turmalina
mine in the fourth quarter, we finished the year in a strong position, supported by robust gold prices and disciplined
cost management.
I am incredibly proud of how our team has responded following this incident. Their dedication and commitment to
addressing the situation in a timely manner, while maintaining safety and operational integrity, is a testament to the
strength of our team and organization. We are actively working to get the necessary approvals to safely resume
production at the MTL complex as soon as possible, and are confident that once operational, we will be well -
positioned for a strong recovery. Last week, we signed an agre ement with the Public Defender’s Office of Minas
Gerais for the compensation of local community members affected by the incident, which is a positive step towards
reopening the Turmalina mine . Negotiations of fines are ongoing. Our position remains centered around the fact
that the amounts of the fines are disproportionate to the scale of the event, which only affected a very small area,
there were no reported injuries or significant environmental impacts and there was minimal damage to local property
and infrastructure.
In the meantime, strategic initiatives are underway to mitigate the impact of the loss of production from the
Turmalina mine, including the potential increase in production at the Pilar mine, trial mining and a possible future
restart at the Santa Isabel m ine and cost optimization measures. Despite this temporary setback, we believe our
long-term growth plans are still on track.
We ended the year with a solid cash balance of over $46 million, an increase of $24.3 million from a year ago, the
result of strong realized gold prices and disciplined financial management. This strong financial position will help
us navigate what we expe ct to be a challenging first half of 2025 as we manage the continued loss of production
from one of our operations and financial impacts arising from this incident.
Long term, our focus remains on operational excellence, cost discipline, and advancing our long -term growth
strategy to create lasting value for our shareholders.”
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Fourth Quarter and Full Year 2024 Results
($ thousands, except where indicated) Three months ended Year ended
December 31 December 31
2024 2023 2024 2023
Financial Data
Revenue $ 42,364 $ 35,872 $ 158,630 $ 136,528
Operating costs 17,745 19,707 73,270 79,384
Depreciation 5,930 5,977 25,860 24,659
Gross profit 18,689 10,188 59,500 32,485
Net (loss) income (19,878) 10,697 (1,287) 15,854
Per share ("EPS") (0.25) 0.14 (0.02) 0.21
Ajusted Net income 1,3 6,449 - 30,648 -
Adjusted EPS 1,3 0.08 - 0.39 -
EBITDA (14,003) 13,135 35,430 42,974
Adjusted EBITDA 1,2 8,531 10,779 62,086 44,021
Adjusted EBITDA per share 1,2 0.11 0.14 0.78 0.59
Cash operating costs (per ounce sold) 1 1,106 1,089 1,102 1,126
All-in sustaining costs (per ounce sold) 1 1,737 1,510 1,651 1,618
Average realized gold price (per ounce)1 2,641 1,982 2,386 1,936
Cash generated from operating activities 15,723 9,355 57,349 36,039
Free cash flow1 9,724 4,272 33,270 11,520
Free cash flow (per ounce sold)1 606 236 500 163
Sustaining capital expenditures1 8,179 6,481 29,236 28,534
Non-sustaining capital expenditures1 3,339 5,030 11,850 15,816
Total capital expenditures 11,518 11,511 41,086 44,350
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash flow,
adjusted net income, adjusted earnings per share, 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.
3 Q4 2024 Adjusted Net Income excludes the impact of $26.3 million of expenses related to the Satinoco incident. FY 2024 in addition to the Satinoco
expenses, adjusted net income also excludes the impact of labour litigation $3.2 million and civil litigation $2.4 million described further in this
document.
Three months ended Year ended
December 31 December 31
2024 2023 2024 2023
Operating Data
Gold produced (ounces) 14,786 18,482 64,704 70,704
Gold sold (ounces) 16,043 18,098 66,483 70,525
Primary development (metres) 1,601 1,123 6,223 4,959
Exploration development (metres) 80 513 647 1,655
Secondary development (metres) 1,260 1,157 4,966 5,219
Definition, infill, and exploration drilling (metres) 10,961 11,285 37,173 45,934
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JAGUAR MINING INC.
1400-25 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 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 Year ended
December 31 December 31
2024 2023 2024 2023
Sustaining capital1
Primary development $ 5,226 $ 4,454 $ 20,429 $ 19,075
Brownfield exploration 352 556 1,350 1,960
Mine-site sustaining 2,491 1,342 7,037 6,511
Other sustaining capital2 110 129 420 988
Total sustaining capital1 8,179 6,481 29,236 28,534
Non-sustaining capital (including capital projects) 1
Mine-site non-sustaining 1,159 3,632 6,693 11,804
Asset retirement obligation - non-sustaining2 2,180 1,398 5,157 4,015
Other non-sustaining capital1 - - - (3)
Total non-sustaining capital1 3,339 5,030 11,850 15,816
Total capital expenditures $ 11,518 $ 11,511 $ 41,086 $ 44,350
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 Year ended
December 31 December 31
2024 2023 2024 2023
Cash generated from operating activities $ 15,723 $ 9,355 $ 57,349 $ 36,039
Adjustments
Asset Retirement Obligation 2,180 1,398 5,157 4,015
Sustaining capital expenditures2 (8,179) (6,481) (29,236) (28,534)
Free cash flow $ 9,724 $ 4,272 $ 33,270 $ 11,520
Ounces of gold sold 16,043 18,098 66,482 70,525
Free cash flow per ounce sold $ 606 $ 236 $ 500 $ 163
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 Year ended
December 31 December 31
2024 2023 2024 2023
Operating costs $ 17,745 $ 19,707 $ 73,270 $ 79,384
General & administration expenses 2,141 1,827 7,792 7,358
Corporate stock-based compensation 6 51 447 884
Sustaining capital expenditures¹ 8,179 6,481 29,236 28,534
All-in sustaining cash costs 28,071 28,066 110,745 116,160
Reclamation (operating sites) (205) (741) (1,007) (2,032)
All-in sustaining costs $ 27,866 $ 27,325 $ 109,738 $ 114,128
Non-sustaining capital expenditures 3,339 5,030 11,850 15,816
Exploration and evaluation costs (greenfield) 644 544 2,114 3,295
Reclamation (non-operating sites) (282) (460) (799) (1,261)
Care and maintenance (non-operating sites) 184 196 690 734
All-in costs $ 31,751 $ 32,635 $ 123,593 $ 132,712
Ounces of gold sold 16,043 18,098 66,482 70,525
Cash operating costs per ounce sold² $ 1,106 $ 1,089 $ 1,102 $ 1,126
All-in sustaining costs per ounce sold² $ 1,737 $ 1,510 $ 1,651 $ 1,618
All-in costs per ounce sold² $ 1,979 $ 1,803 $ 1,859 $ 1,882
Average realized gold price $ 2,641 $ 1,982 $ 2,386 $ 1,936
Cash operating margin per ounce sold $ 1,535 $ 893 $ 1,284 $ 810
All-in sustaining margin per ounce sold $ 904 $ 472 $ 735 $ 318
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. Result 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 Year ended
December 31 December 31
2024 2023 2024 2023
Net (Loss) Income $ (19,878) $ 10,697 $ (1,287) $ 15,854
Income tax (recovery) expense (574) (4,412) 7,349 (995)
Finance costs 482 840 3,371 3,368
Depreciation and amortization 5,967 6,010 25,997 24,747
EBITDA1 $ (14,003) $ 13,135 $ 35,430 $ 42,974
Impairment charge (reversal) 1,427 (3,917) 1,427 (3,917)
Changes in other provisions and VAT taxes (152) 84 7,736 1,049
Satinoco event 26,327 - 26,327 -
Foreign exchange (gain) loss (5,026) 1,426 (9,233) 3,031
Stock-based compensation 6 51 447 884
Financial instruments (gain) (48) - (48) -
Adjusted EBITDA1 $ 8,531 $ 10,779 $ 62,086 $ 44,021
Weighted average outstanding shares 79,308,085 79,066,665 79,176,793 74,596,125
Adjusted EBITDA per share1 $ 0.11 $ 0.14 $ 0.78 $ 0.59
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
Working Capital1
December 31 December 31
2024 2023
Cash and cash equivalents $ 46,357 $ 22,041
Non-cash working capital
Other current assets:
Short term investment 1,438 -
Restricted cash 923 897
Inventory 15,343 15,639
Recoverable taxes 3,933 5,584
Other accounts receivable 328 310
Prepaid expenses and advances 2,226 1,556
Current liabilities:
Accounts payable and accrued liabilities (15,803) (16,082)
Notes payable (3,044) (3,295)
Lease liabilities (1,363) (1,953)
Current tax liability (1,422) (1,381)
Other taxes payable (487) (1,334)
Reclamation provisions (8,585) (4,298)
Legal and other provisions (26,174) (5,068)
Working capital¹ $ 13,670 $ 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.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Jean -
Marc Lopez BSc. PGeo ,FAusIMM, of JML Consulting & Geology EI, who 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
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
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 inf ormation 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 include forwar d-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 resu ming 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 c ivil 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 r elated 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 impacted communities; politi cal 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 opera ting 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 ris ks 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 incorrec t, 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 environmen tal 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 inade quate 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.