Jaguar Mining Reports Fourth Quarter and Full Year 2024 Production Results and Provides Outlook FOR 2025 __________________________________________________________________________________________
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING REPORTS FOURTH QUARTER AND FULL YEAR 2024 PRODUCTION RESULTS
AND PROVIDES OUTLOOK FOR 2025
__________________________________________________________________________________________
Toronto, January 13, 2025 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG , OTCQX:JAGGF)
today announced the Company’s production results for the fourth quarter and full year 2024. Full financial results
for the quarter and full year will be reported and filed on SEDAR + on or before March 27, 2025. All figures are in
US Dollars, unless otherwise expressed.
Fourth Quarter and Full Year 2024 Operating Highlights
• Operations at the Turmalina mine were temporarily suspended on December 7, 2024, following a slump in
the north wall of the dry-stacked pile. As a result, production during the fourth quarter and full year 2024
was impacted by the loss of the ounces that had been expected to be produced from this mine in December.
However, the Company’s Pilar mine remains fully operational.
• Fourth quarter consolidated gold production was 14,787 ounces, compared to 16,912 ounces produced in
the third quarter, and 18,482 ounces produced in the fourth quarter of 2023. Annual consolidated gold
production for 2024 was 64,705 ounces compared to 70,702 ounces in 2023. Production at the Pilar mine
increased by 5% and 9% compared to the fourth quarter last year and full year 2023 respectively.
• Fourth quarter consolidated ore processed was 160,430 tonnes at 3.41 g/t compared to 195,595 tonnes at
3.34 g/t in the fourth quarter of 2 023. Annual consolidated ore processed was 695,826 tonnes at 3.41 g/t
compared to 812,954 tonnes at 3.09 g/t in 2023.
• In the fourth quarter, the Company completed primary development of 1,600 metres, secondary
development of 1,260 meters, and exploration development of 80 metres; totalling 2,940 metres compared
to the fourth quarter of 2023 where development totalled 2,793 metres. For the full year 2024, development
completed was 6,701 metres of primary, 4,965 metres of secondary, and 1 69 metres of exploration for a
total of 11,835 metres, compared to the full year 2023 total development of 11,833 metres. Despite the loss
of one third of Turmalina´s development capacity during the quarter, the Company still exceeded prior year
fourth quarter development metres.
• Diamond drilling completed during the fourth quarter was 10,962 metres compared to the fourth quarter of
2023 diamond drilling of 10,271 metres. Diamond drilling completed in 2024 was 38,738 metres compared
to 44,843 metres drilled in 2023. The reduction in drilling year-over-year was the result of eliminating third-
party contract diamond drilling as of the end of 2023. During the fourth quarter, Jaguar’s in-house diamond-
drill crews achieved record monthly totals.
• The Company’s cash position as at December 31, 2024 was $46.3 million compared to cash of $41.6 million
as at September 30, 202 4. During the fourth quarter, the Company benefitted from higher realized gold
prices which was the main driver of the increase in cash.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Quarterly Summary Q4 2024 Q4 2023
Turmalina Pilar Total Turmalina Pilar Total
Tonnes milled (t) 59,471 100,959 160,430 99,293 96,302 195,595
Average head grade (g/t) 3.02 3.65 3.41 3.02 3.68 3.34
Recovery (%) 74 89 84 88 88 88
Gold ounces
Produced (oz) 4,276 10,511 14,787 8,457 10,025 18,482
Sold (oz) 5,188 10,854 16,042 8,455 9,643 18,098
Development
Primary (m) 984 617 1,600 697 426 1,123
Secondary (m) 392 868 1,260 558 599 1,157
Exploration Development (m) 80 - 80 513 - 513
Definition, infill and exploration drilling (m) 5,081 5,881 10,962 6,063 4,208 10,271
Annual Summary 2024 2023
Turmalina Pilar Total Turmalina Pilar Total
Tonnes milled (t) 302,957 392,869 695,826 408,378 404,576 812,954
Average head grade (g/t) 3.08 3.67 3.41 2.92 3.27 3.09
Recovery (%) 79 88 85 86 88 87
Gold ounces
Produced (oz) 23,710 40,995 64,705 33,117 37,585 70,702
Sold (oz) 24,555 41,926 66,481 33,449 37,017 70,466
Development
Primary (m) 4,647 2,054 6,701 3,122 1,837 4,959
Secondary (m) 2,301 2,664 4,965 2,615 2,604 5,219
Exploration Development (m) 169 0 169 1,655 - 1,655
Definition, infill and exploration drilling (m) 20,992 17,746 38,738 22,963 21,880 44,843
2025 Outlook
For 2025, given the ongoing suspension of operations at the Turmalina mine, the Company will be focused on its
operating Pilar mine, where production is expected to modestly increase compared to 2024 levels. Development at
Pilar will be enhanced using resources of people and equipment from the Turmalin a mine, which is expected to
modestly increase all-in sustaining costs at the mine while enabling higher production in the second half of 2025.
Any updates on the timing of the resumption of operations at the Turmalina mine will be communicated as soon as
available.
Vern Baker, President and CEO of Jaguar, stated: “As previously announced, in early December we had an incident
at our Turmalina mine where a slump occurred in the north wall of the Satinoco dry -stacked pile . As a result,
operations at the mine remain temporarily suspended while the pile is reconfigured to ensure long -term stability.
We continue working constructively with the Brazilian National Mining Agency and other authorities towards safely
resuming operations as soon as possible.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
This incident impacted ounce production in the fourth quarter due to the loss of production from the Turmalina mine
in December. Prior to this incident, we had been on track to exceed last quarters production and be well positioned
for a strong start to 2025. Even without production from the Turmalina mine in December, we were able to increase
our cash balance in the fourth quarter by over $4 million . Strong gold prices and ongoing cost control initiatives
allowed us to maintain a strong balance sheet as we head into what will now be a more challenging first quarter.
During the fourth quarter, ounce production at the Pilar mine was as expected and both development meters and
diamond drilling meters exceeded expectations both increasing significantly compared to the fourth quarter of 2023.
Continuing high development rates, especially in the BA zone, should allow us to start increasing production at the
Pilar mine this year to partly offset the loss of production from the Turmalina mine.
For the first two months of the fourth quarter, the Turmalina mine was doing well on development and diamond
drilling. Overall development rates were 13% higher per day compared to the fourth quarter of 2023, with the
increase coming predominantly from the Faina zone. The mine is well positioned to begin growth in production from
the Faina zone once we resume operations. Ounce production at the Turmalina mine was on track in October and
November, and development of the Faina zone was expected to begin increasing production levels in 2025. A test
of Faina ore was conducted at our Caeté plant during the quarter. Overall recoveries were inline with expectations
and a batch of concentrate has been inventoried for tests.
While we do have some challenges ahead due to the incident at our Turmalina mine, we expect to be back on track
with our growth plan by the end of 2025. This plan c ould potentially see us doubling the Company’s annual
consolidated ounce production over the next five years.”
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 third largest gold
land position in the Iron Quadrangle with over 50,000 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). The 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
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
plant), which ha d been on care and maintenance since 2012 and is planned to restart in early 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.
416-847-1854
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 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 damages 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
compex, 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 production, capital expenditures, costs and timing of the develop ment 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; 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, exploration and mine operating licenses and permits being obtained and renewed and/o r
there being adverse amendments to mining or other laws in Brazil and any changes to general business and economi c
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 w ith
respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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 risk s
inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to diffe r
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.