Jaguar Mining Reports Second Quarter 2024 Production Results __________________________________________________________________________________________
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING REPORTS SECOND QUARTER 2024 PRODUCTION RESULTS
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Toronto, July 9, 2024 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) today announced
preliminary production results for the second quarter of 2024. Full financial results for the quarter will be reported
and filed on SEDAR+ on August 8, 2024. All figures are in US Dollars, unless otherwise expressed.
Second Quarter Operating Highlights
• Consolidated gold production was 17,244 ounces compared to 16,177 ounces in the first quarter of this
year and 16,750 ounces in the second quarter of 2023 representing a 7% increase quarter -over-quarter
and a 3% increase year-over-year. Production in the quarter included the first contribution from the Faina
project, which produced 414 ounces.
• Consolidated tonnage processed was 170,150 tonnes at 3.59 g/t compared to 203,000 tonnes at 2.92 g/t
in the second quarter of 2023. Higher grades in the second quarter reflect a focus on grade control and the
contribution of higher-grade Faina ore.
• During the quarter, the Company completed primary development of 1,273 metres and secondary
development of 1,130 metres compared to primary development of 1,552 metres and secondary
development of 1,238 metres completed in the second quarter of 2023 . Exploration development during
the quarter was 679 metres, all relating to the Faina project, compared to exploration development of 403
metres completed in the second quarter of 2023.
• Diamond drilling completed during the quarter was 9,229 metres compared to diamond drilling of 10,419
metres completed in the second quarter of 2023.
• The Company’s cash position as at June 30, 2024 increased by 42% to $37.4 million compared to cash of
$26.4 million as at March 31, 2024. This $11.0 million increase in cash reflects sustained higher gold prices
and positive margins on gold sales during the quarter.
Second Quarter Operating Results
Quarterly Summary
Q2 2024 Q2 2023
Turmalina Faina Pilar Total Turmalina Pilar Total
Tonnes milled (t) 67,088 4,388 98,674 170,150 100,000 103,000 203,000
Average head grade (g/t) 3.15 4.81 3.83 3.59 2.80 3.04 2.92
Recovery (%) 90.1 61.0 88.0 88.2 87.5 88.2 87.8
Gold ounces
Produced (oz) 6,136 414 10,694 17,244 7,874 8,876 16,750
Sold (oz) 6,887 414 11,720 19,021 7,661 9,256 16,917
Development
Primary (m) 730 - 543 1,273 1,009 543 1,552
Secondary (m) 562 - 568 1,130 547 691 1,238
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
Exploration Development (m) - 679 - 679 403 - 403
Definition, infill and exploration
drilling (m) 5,419 3,810 9,229 4,862 5,557 10,419
Vern Baker, President and CEO of Jaguar Mining stated: “Our team worked hard to deliver a solid operational
quarter in which production exceeded the previous quarter and the second quarter of 2023. We are also very
pleased to have generated $11.0 million in cash from operations , increasing our cash position to a healthy $37.4
million at quarter end.
Development rates improved during the quarter, and we expect this will set us up for a stronger second half of the
year. The first contributions from our Faina project are seen in this quarter as we ran our first test batch through the
Turmalina mill. Grade met expectations and recovery exceeded expectations, however, we are waiting on additional
testing before we begin committing to higher recovery rates on this ore. Work on the BA-Torre structure at our Pilar
mine continued during the quarter with very encourag ing development and test stope results. Devel opment
headings have been initiated on five separate sub -levels to start building a production platform with this new
structure. We are focusing our diamond drilling on growing the resource and reserve ounces at this structure.
Overall, I am pleased with our performance during the quarter as we begin to ramp up production at Faina and
continue to generate strong cash flow which will allow us to execute on our future growth plans.”
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, Advisor Exploration and Geology to Jaguar Mining
Inc., and is a "qualified person" as defined by Nat ional 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 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 MTL Mining Complex (Turmalina Mine and Plant) and Caeté Mining
Complex (Pilar and Roça Grande Mines, and Caeté Plant). The Company also owns the Paciência Mining 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.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs,
definition/delineation drilling, th e 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, restarting suspended or disrupted operations,
continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with
respect to forward -looking information co ntained herein, including, among other things, assumptions about the estimated
timeline for the development of its 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 t he 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/ 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 leg islation 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 risks inherent to the gold exploration, development and production industry, which, i f
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 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
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
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.ca. 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.