Jaguar Mining Reports Financial Results for the Fourth Quarter and Full Year 2025 __________________________________________________________________________________________
Jaguar Mining Reports Financial Results for the Fourth Quarter and Full Year 2025
__________________________________________________________________________________________
Toronto, March 31, 2026 – 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, 202 5 and 2024, 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 2025 Highlights
• Fourth quarter results were impacted by the material slump at the Company’s Satinoco dry‑stack facility
within the MTL Complex on December 7, 2024, which led to a temporary suspension of production at the
Turmalina mine. As of the date of this news release, all regulatory restrictions have been lifted, and the
Company has commenced a gradual and controlled restart of operations, in full compliance with applicable
regulatory requirements, while maintaining a strong focus on operational safety and geote chnical stability.
• Gold production for the fourth quarter was 9,356 ounces, with 9,124 ounces sold at cash operating costs¹ of
$1,456 per ounce of gold sold and all-in sustaining costs¹ of $2,268 per ounce of gold sold. Realized gold
prices were $4,170 per ounce in the quarter.
• Gold production for the full year was 40,254 ounces, with 39,453ounces sold at cash operating costs¹ of
$1,277 per ounce of gold sold and all-in sustaining costs¹ of $1,931 per ounce of gold sold. Realized gold
prices were $3,421 per ounce in 2025.
• Revenue for the fourth quarter and full year was $38.0 million and $135.2 million respectively, 10% lower
revenue compared to the fourth quarter of 2024 and 15% lower revenue compared to the full year 2024,
driven by higher realized gold prices year-over-year and partially offset by fewer ounces sold.
• Net loss for the quarter was $20.5 million (loss per share of $0.24). Adjusted net loss1 was $3.3 million or $0.06
per share for Q4 2025, excluding the impact of non-recurring items and the tax implication of said non-recuring
items. The non -recurring items excluded are as follows (i) $15.9 million in expenses recorded due to the
Satinoco pile Incident, (ii) $0.03 million unrealized loss on short-term investment and (iii) $1.4 million of tax
implication of aforementioned expenses.
• Net loss for the full year was $15.8 million (loss per share of $0.20). Adjusted Net Income¹, was $18.5 million
(earnings per share of $0.23) which excludes the following items: (i) $51.2 million in Satinoco-related
expenses, (ii) $2.9 million in recoveries from civil provision reversals; (iii) $9.0 million in gains on short -term
investments; and (iv) $5.0 million in tax recovery related to adjustments.
• Operating costs were $13.3 million in the quarter, a decrease of 25% compared to $17.7 million in Q4 2024.
Lower operating costs in Q4 2025 mainly reflect the ore throughput volume drop resulting from the ongoing
suspension of operations at the Turmalina mine. FY 2025 o perating costs fell 31% to $50.4 million from $73.3
million in FY 2024.
• Unit costs (cash operating costs and AISC per ounce sold) increased year-over-year primarily due to lower
ounces sold and reduced absorption of fixed costs during the suspension period; the Company is
implementing cost-reduction initiatives and expects unit-cost efficiency to improve as volumes normalize.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
• Free cash flow1 for the quarter and full year was $0.7 million and $16.6 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 $73 and $422 respectively.
• The Company ended the year with $66.5 million in cash and cash equivalents, supporting the restart plan and
near-term operational priorities while preserving financial flexibility.
“Fiscal 2025 was a year that illustrates the resilience exhibited by the teams at Jaguar Mining,” commented
Jaguar Mining CEO Luis Albano Tondo. “While our operational results were impacted by the temporary
suspension at the MTL Complex, our team’s swift and professional response ensured that we met all regulatory
requirements for a safe, controlled restart. Despite these challenges, our cost -reduction initiatives and the robust
gold price environment allowed us to maintain a strong liquidity position, endi ng the year with $66.5 million in
cash. As we move in 2026 with the MTL restrictions now lifted, we are well-positioned to return to our core
objective: growing the Company sustainably through execution of our three-pillar strategy: maximizing our core
assets and Resources, leveraging our exploration portfolio and pursuing M&A opportunities .”
2026 Production Guidance
For the full year 2026, Jaguar Mining projects gold production in the range of 50,000 to 60,000 ounces from
current assets.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Fourth Quarter and Full Year 2025 Results
($ thousands, except where indicated) Three months ended Year ended
December 31 December 31
2025 2024 2025 2024
Financial Data
Revenue $ 38,043 $ 42,364 $ 135,167 $ 158,630
Operating costs 13,288 17,745 50,381 73,270
Depreciation 3,105 5,930 12,224 25,860
Gross profit 21,650 18,689 72,562 59,500
Net (loss) (20,538) (19,878) (15,785) (1,287)
Per share ("EPS") (0.24) (0.25) (0.20) (0.02)
Adjusted net (loss) income 1,3 (3,307) 6,497 18,564 30,696
Adjusted EPS 1,3 (0.04) 0.08 0.23 0.39
EBITDA (19,504) (14,040) 1,036 35,293
Adjusted EBITDA 1,2 (5,463) 8,494 54,339 61,949
Adjusted EBITDA per share 1,2 (0.06) 0.11 0.67 0.78
Cash operating costs (per ounce sold) 1 1,456 1,106 1,277 1,102
All-in sustaining costs (per ounce sold) 1 2,268 1,737 1,931 1,651
Average realized gold price (per ounce)1 4,170 2,641 3,421 2,386
Cash generated from operating activities (610) 15,723 18,519 57,349
Free cash flow1 (295) 9,724 13,743 33,270
Free cash flow (per ounce sold)1 (32) 606 348 500
Sustaining capital expenditures1 4,781 8,179 15,660 29,236
Non-sustaining capital expenditures1 7,024 3,339 16,373 11,850
Total capital expenditures 11,805 11,518 32,033 41,086
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash flow, adjusted
net (loss) 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 For Q4 2025 and FY 2025, Net loss was adjusted by $17.2 million and $44.3 million, respectively, to exclude certain non-recurring items and their related
income tax implications. The non-recurring items excluded are as follows: (i) $15.9 million and $51.2 million in Satinoco incident expenses in Q4 2025 and
FY 2025, respectively; (ii) $nil and $2.9 million in recoveries from reversals of civil litigation provisions in Q4 2025 and FY 2025, respectively; (iii) a $0.03
million loss and a $9.0 million gain on fair value adjustments of short -term investments in Q4 2025 and FY 2025, respectively; and (iv) $1.4 million and
$4.2 million in income tax expenses in Q4 2025 and FY 2025, respectively. Adjusted net income for Q4 2024 and FY 2024 excludes $26.4 million and $32.0
million in non-recurring items, respectively. For Q4 2024, the adjustment relates to Satinoco Incident expenses and losses on short-term investments. For
FY 2024, the adjustment includes the same items as Q4 2024, as well as an additional $5.7 million in legal litigation expenses.
Three months ended Year ended
December 31 December 31
2025 2024 2025 2024
Operating Data
Gold produced (ounces) 9,356 14,787 40,254 64,704
Gold sold (ounces) 9,124 16,042 39,453 66,482
Primary development (metres) 607 1,601 2,408 6,223
Exploration development (metres) - 80 - 647
Secondary development (metres) 792 1,260 3,512 4,966
Definition, infill, and exploration drilling (metres) 3,845 10,961 20,814 37,173
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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.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Sustaining Capital and Non-Sustaining Capital expenditures1
($ thousands) Three months ended Year ended
December 31 December 31
2025 2024 2025 2024
Sustaining capital1
Primary development $ 3,006 $ 5,226 $ 9,441 $ 20,429
Brownfield exploration 204 352 782 1,350
Mine-site sustaining 1,100 2,491 4,337 7,037
Other sustaining capital2 506 110 1,227 420
Asset retirement obligation expenditures - sustaining (35) - (127) -
Total sustaining capital1 4,781 8,179 15,660 29,236
Non-sustaining capital (including capital projects) 1
Mine-site non-sustaining 1,870 1,159 5,361 6,693
Asset retirement obligation expenditures - non-sustaining2 5,096 2,180 10,884 5,157
Other non-sustaining capital1 58 - 128 -
Total non-sustaining capital1 7,024 3,339 16,373 11,850
Total capital expenditures $ 11,805 $ 11,518 $ 32,033 $ 41,086
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 for non-operating sites, including mine closure, mine reclamation and dam closing
projects. Payments related to the Company asset retirement obligation are classified as operating activities in accordance with IFRS financial measures.
Reconciliation of Free Cash Flow1
($ thousands, except where indicated) Three months ended Year ended
December 31 December 31
2025 2024 2025 2024
Cash (used in) provided by operating activities $ (610) $ 15,723 $ 18,519 $ 57,349
Adjustments
Asset Retirement Obligation 5,096 2,180 10,884 5,157
Sustaining capital expenditures2 (4,781) (8,179) (15,660) (29,236)
Free cash flow $ (295) $ 9,724 $ 13,743 $ 33,270
Ounces of gold sold 9,124 16,042 39,453 66,482
Free cash flow per ounce sold $ (32) $ 606 $ 348 $ 500
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.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
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
2025 2024 2025 2024
Operating costs $ 13,288 $ 17,745 $ 50,381 $ 73,270
General & administration expenses3 2,556 2,141 9,305 7,792
Corporate stock-based compensation 69 6 846 447
Sustaining capital expenditures¹ 4,816 8,179 15,787 29,236
All-in sustaining cash costs 20,729 28,071 76,319 110,745
Reclamation (operating sites) (35) (205) (127) (1,007)
All-in sustaining costs $ 20,694 $ 27,866 $ 76,192 $ 109,738
Non-sustaining capital expenditures 1,928 3,339 5,489 11,850
Exploration and evaluation costs (greenfield) 1,306 644 2,194 2,114
Reclamation - payment and accretion (non-operating sites) 5,095 (282) 10,884 (799)
Care and maintenance (non-operating sites)4 11,682 184 40,712 690
All-in costs $ 40,705 $ 31,751 $ 135,471 $ 123,593
Ounces of gold sold 9,124 16,043 39,453 66,482
Cash operating costs per ounce sold² $ 1,456 $ 1,106 $ 1,277 $ 1,102
All-in sustaining costs per ounce sold² $ 2,268 $ 1,737 $ 1,931 $ 1,651
All-in costs per ounce sold² $ 4,462 $ 1,979 $ 3,434 $ 1,859
Average realized gold price $ 4,170 $ 2,641 $ 3,421 $ 2,386
Cash operating margin per ounce sold $ 2,714 $ 1,535 $ 2,144 $ 1,284
All-in sustaining margin per ounce sold $ 1,902 $ 904 $ 1,490 $ 735
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.
3 Does not include G&A expenses related to Onças de Pitangui (Q4 2025: $33 and YTD 2025: $200; Q4 2024 and YTD 2024 $nil).
4 Includes care and maintenance for Turmalina (resumption expenses, disbursements related to environmental and communities and land acquired as
part of the indeminity and another one acquired as part of 'Esperança' TSF) and care and maintenance costs for Paciência and Roça Grande mines.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 1
($ thousands, except where indicated) Three months ended Year ended
December 31 December 31
2025 2024 2025 2024
Net (Loss) $ (20,538) $ (19,878) $ (15,785) $ (1,287)
Income tax (recovery) expense (4,091) (574) (1,824) 7,349
Finance costs 1,981 482 6,279 3,371
Depreciation and amortization 3,144 5,930 12,366 25,860
EBITDA1 $ (19,504) $ (14,040) $ 1,036 $ 35,293
Impairment charge - 1,427 - 1,427
Legal, recoverable tax and other provisions expenses
(recoveries) 1,293 (152) 1,696 7,736
Satinoco event 15,856 26,327 51,189 26,327
Foreign exchange (gain) loss (3,204) (5,026) 8,579 (9,233)
Stock-based compensation 69 6 846 447
Financial instruments loss (gain) 27 (48) (9,007) (48)
Adjusted EBITDA1 $ (5,463) $ 8,494 $ 54,339 $ 61,949
Weighted average outstanding shares 84,414,250 79,308,085 80,621,821 79,176,793
Adjusted EBITDA per share1 $ (0.06) $ 0.11 $ 0.67 $ 0.78
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
Working Capital1
($ thousands)
December 31 December 31
2025 2024
Cash and cash equivalents $ 66,526 $ 46,357
Non-cash working capital
Other current assets:
Short term investment 9,883 1,438
Restricted cash 812 923
Inventory 16,011 15,343
Recoverable taxes 2,235 3,933
Other accounts receivable 834 328
Prepaid expenses and advances 1,284 2,226
Current liabilities:
Accounts payable and accrued liabilities (19,976) (15,803)
Notes payable (6,112) (3,044)
Lease liabilities (383) (1,363)
Current tax liability - (1,422)
Other taxes payable - (487)
Reclamation provisions (9,643) (8,585)
Legal and other provisions (36,099) (26,174)
Warrant liabilities (378) -
Working capital¹ $ 24,994 $ 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 Luis
Albano Tondo (CEO) and Eric Duarte (VP, Business Development), both "qualified persons" and employees of
Jaguar Mining Inc., who are "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
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.
Naomi Nemeth
Vice President Investor Relations
Jaguar Mining Inc.
+1 647 882 4257