Jaguar Mining Reports Second Quarter 2025 Financial Results Delivering a Solid Performance from the Pilar MINE
JAGUAR MINING REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS DELIVERING A
SOLID PERFORMANCE FROM THE PILAR MINE
__________________________________________________________________________________________
Toronto, August 14, 20 25 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG,
TCQX:JAGGF) today filed its second quarter results, the highlights of which are included in this news release. The
interim condensed consolidated financial statements for the quarter ended June 30 , 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.
Second Quarter 2025 Highlights
• All financial and operating results for the second quarter reflect contributions solely from the Company’s Pilar
mine, its only operating mine during the period. This compares to the second quarter of 2024, when the
Company had two operating mines: Pilar and Turmalina . The Turmalina mine remains temporarily suspended
following a slump of material at the dry -stack facility that occurred at the MTL complex on December 7, 2024.
Rehabilitation work to ensure the stability of the Satinoco pile is well underway, and the Company currently
expects the resumption of operations at Turmalina in the first quarter of 2026.
• Gold production for the quarter totalled 10,973 ounces, entirely from the Pilar mine, compared to 16,829
ounces from both Pilar and Turmalina in the second quarter of 2024. Th e year-over-year variance reflects a
14% increase in head grade, offset by a 45% reduction in ore tonnes processed. Production from Pilar
increased by 11% compared to the first quarter of 2025, driven by operational efficiency improvements at the
mine.
• Gold sold for the quarter was 10,986 ounces, compared to 19,022 ounces sold in the second quarter of 2024.
Realized gold price¹ increased to $3,264 per ounce, representing a 39% increase from the $2,354 per ounce
realized in the second quarter of 2024.
• Cash operating costs¹ were $1,191 per ounce of gold sold and all-in sustaining costs (AISC)¹ were $1,814
per ounce, representing increases of 1 1% and 18%, respectively, compared to the second quarter of 2024.
These increases mainly reflect lower sales volumes spreading fixed costs over fewer ounces.
• Revenue for the quarter was $ 35.8 million, reflecting contributions solely from the Pilar mine, compared to
$44.8 million in the second quarter of 2024, when revenue included ounces produced and sold from both the
Pilar and Turmalina mines. Despite the lower number of ounces sold, the impact on revenue was partially offset
by higher realized gold price year-over year.
• Operating costs for the quarter were $13.1 million, compared to $19.9 million in the second quarter of 2024.
• Net loss for the quarter was $ 6.6 million, or $0.08 per share, compared to a net income of $ 13.5 million, or
$0.17 per share, in the second quarter of 2024. Adjusted net income¹ for the quarter, excluding the impact of
$23.5 million in expenses recorded due to the incident at the MTL complex, was $16.8 million, or $0.2 1 per
share.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
• Free cash flow 1 for the quarter was $ 11.3 million, compared to $ 15.2 million in the second quarter of 2024.
Free cash flow is calculated as operating cash flow plus asset retirement obligation expenditures, less
sustaining capital. On a per -ounce bases, free cash flow i ncreased to $1,031 per ounce of gold sold in the
second quarter of 2025 compared to $801 per ounce of gold sold in the second quarter of 2024.
Cash position and working capital¹
• As of June 30, 2025, the Company had cash and cash equivalents of $ 48.3 million, representing a 4.1%
increase from $46.4 million as of December 31, 2024 mainly reflecting the impact of higher realized gold prices.
• As of June 30, 2025, working capital was $ 11.1 million, compared to working capital of $ 13.7 million as of
December 31, 2024.
Luis Albano Tondo, CEO of Jaguar, stated : “The second quarter of 2025 represented a pivotal period for Jaguar,
as we continued to operate exclusively from our Pilar mine following the temporary suspension of Turmalina late
last year. We were encouraged by Pilar’s robust operational performance, dri ven by higher head grades and
ongoing efficiency improvements. While total production was lower year -over-year due to Turmalina’s absence,
Pilar’s output increased by 3% year-over-year and 11% compared to the first quarter of 2025. A significantly higher
realized gold price partially offset the impact of lower volumes on our margins. Despite reporting a net loss for the
quarter, adjusted net income of $1 6.8 million—excluding expenses associated with the MTL incident —highlights
the strength of Pilar’s operating performance. Additionally, strong free cash flow per ounce underlines our ability to
generate value, even as a single-asset producer.
Subsequent to the quarter-end, we successfully resolved a significant environmental fine (see press release dated
July 14, 2025), marking an important milestone as we advance toward the planned restart of Turmalina, targeted
for the first quarter of 2026. We were also pleased to announce further exploration success at Pilar’s BA zone (see
press release dated August 5, 2025), where recent drilling returned a standout intercept of 12.80 g/t Au over 25.00
meters (320.00 GT – Grade x Thickness), confirming the presence of robust , high-grade mineralization at depth.
With the BA zone expected to contribute approximately 50% of Pilar’s future production, these results reinforce our
confidence in the mine’s long-term outlook.
These recent achievements underscore our commitment to disciplined execution, operational excellence, and the
creation of sustainable, long-term value. Looking ahead, we remain focused not only on realizing the full potential
of our existing assets through organic growth, but also on pursuing se lect strategic growth opportunities that could
further enhance shareholder value and strengthen our position as a leading mid-tier gold producer in Brazil.”
______________________
1 This is a non -GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non -GAAP
Performance Measures section of the MD&A.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Second Quarter 2025 Results
($ thousands, except where indicated) Three months ended Six months ended
June 30 June 30
2025 2024 2025 2024
Financial Data
Revenue $ 35,826 $ 44,779 $ 63,115 $ 77,356
Operating costs 13,079 19,897 23,628 38,212
Depreciation 3,215 7,828 5,991 14,989
Gross profit 19,532 17,054 33,496 24,155
Net (loss) income (6,614) 13,469 (8,233) 16,295
Per share ("EPS") (0.08) 0.17 (0.10) 0.21
Adjusted Net income 1,3 16,838 13,469 20,973 16,295
Adjusted EPS 1,3 0.21 0.17 0.26 0.21
EBITDA (729) 25,159 2,324 37,174
Adjusted EBITDA 1,2 29,614 22,381 44,290 33,701
Adjusted EBITDA per share 1,2 0.37 0.28 0.56 0.43
Cash operating costs (per ounce sold) 1 1,191 1,046 1,151 1,101
All-in sustaining costs (per ounce sold) 1 1,814 1,517 1,740 1,558
Average realized gold price (per ounce)1 3,264 2,354 3,078 2,228
Cash generated from operating activities 12,339 20,766 12,080 28,875
Free cash flow1 11,327 15,233 8,763 18,739
Free cash flow (per ounce sold)1 1,031 801 427 540
Sustaining capital expenditures1 4,051 6,301 6,979 11,406
Non-sustaining capital expenditures1 3,782 4,505 5,195 7,642
Total capital expenditures 7,833 10,806 12,174 19,048
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 on short -term
investments and write downs. For more details refer to the Non-GAAP Performance Measures section of the MD&A.
3 Adjusted Net income does not include Satinoco incident expenses for the three and six -month ended June 30, 2025, of $23.5 million $29.6 million
respectively.
Three months ended Six months ended
June 30 June 30
2025 2024 2025 2024
Operating Data
Gold produced (ounces) 10,973 16,829 20,897 33,006
Gold sold (ounces) 10,986 19,022 20,530 34,714
Primary development (metres) 628 1,273 1,066 2,202
Exploration development (metres) - 679 - 1,157
Secondary development (metres) 860 1,130 2,665 2,212
Definition, infill, and exploration drilling (metres) 5,755 9,229 11,194 16,072
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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 EBIT DA 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 to non-sustaining capital expenditures1
($ thousands) Three months ended Six months ended
June 30 June 30
2025 2024 2025 2024
Sustaining capital1
Primary development $ 2,492 $ 4,124 $ 4,180 $ 7,844
Brownfield exploration 202 312 433 640
Mine-site sustaining 1,154 1,764 1,980 2,713
Other sustaining capital2 203 101 386 209
Total sustaining capital 1 4,051 6,301 6,979 11,406
Non-sustaining capital (including capital projects) 1
Mine-site non-sustaining 714 3,737 1,503 6,374
Asset retirement obligation - non-sustaining2 3,039 768 3,662 1,270
Other non-sustaining capital1 29 - 30 (2)
Total non-sustaining capital 1 3,782 4,505 5,195 7,642
Total capital expenditures $ 7,833 $ 10,806 $ 12,174 $ 19,048
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 Six months ended
June 30 June 30
2025 2024 2025 2024
Cash generated from operating activities $ 12,339 $ 20,766 $ 12,080 $ 28,875
Adjustments
Asset Retirement Obligation 3,039 768 3,662 1,270
Sustaining capital expenditures2 (4,051) (6,301) (6,979) (11,406)
Free cash flow $ 11,327 $ 15,233 $ 8,763 $ 18,739
Ounces of gold sold 10,986 19,022 20,530 34,714
Free cash flow per ounce sold $ 1,031 $ 801 $ 427 $ 540
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
2 Further details on the sustaining capital expenditures composition can be found on the reconciliation of sustaining capital a nd 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 Six months ended
June 30 June 30
2025 2024 2025 2024
Operating costs $ 13,079 $ 19,897 $ 23,628 $ 38,212
General & administration expenses 3 2,196 2,097 4,551 3,896
Corporate stock-based compensation 615 428 618 436
Sustaining capital expenditures¹ 4,051 6,301 6,979 11,406
All-in sustaining cash costs 19,941 28,723 35,776 53,950
Reclamation (operating sites) (12) 125 (56) 145
All-in sustaining costs $ 19,929 $ 28,848 $ 35,720 $ 54,095
Non-sustaining capital expenditures 3,782 4,505 5,195 7,642
Exploration and evaluation costs (greenfield) 462 378 857 960
Reclamation (non-operating sites) 1,818 (50) 1,306 (63)
Care and maintenance (non-operating sites) 4 9,957 150 18,276 340
All-in costs $ 35,948 $ 33,831 $ 61,354 $ 62,974
Ounces of gold sold 10,986 19,022 20,530 34,714
Cash operating costs per ounce sold² $ 1,191 $ 1,046 $ 1,151 $ 1,101
All-in sustaining costs per ounce sold² $ 1,814 $ 1,517 $ 1,740 $ 1,558
All-in costs per ounce sold² $ 3,272 $ 1,779 $ 2,989 $ 1,814
Average realized gold price $ 3,264 $ 2,354 $ 3,078 $ 2,228
Cash operating margin per ounce sold $ 2,073 $ 1,308 $ 1,927 $ 1,127
All-in sustaining margin per ounce sold $ 1,450 $ 837 $ 1,338 $ 670
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 (Q2 2025: $83 and YTD: $229).
4 Includes care and maintenance for Turmalina (resumption expenses and disbursements related to environmental and communities) and care and
maintenance costs for Paciência and Roça Grande mines.
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 1
($ thousands, except where indicated) Three months ended Six months ended
June 30 June 30
2025 2024 2025 2024
Net (loss) Income $ (6,614) $ 13,469 $ (8,233) $ 16,295
Income tax expense 537 3,273 1,131 4,522
Finance costs 2,098 556 3,364 1,301
Depreciation and amortization 3,250 7,861 6,062 15,056
EBITDA1 $ (729) $ 25,159 $ 2,324 $ 37,174
Changes in other provisions and VAT taxes 3,047 309 3,453 817
Satinoco event 23,452 - 29,206 -
Foreign exchange loss (gain) 3,785 (3,515) 9,675 (4,726)
Stock-based compensation 615 428 618 436
Financial instruments (gain) (556) - (986) -
Adjusted EBITDA1 $ 29,614 $ 22,381 $ 44,290 $ 33,701
Weighted average outstanding shares 79,313,603 79,093,609 79,312,658 79,080,137
Adjusted EBITDA per share1 $ 0.37 $ 0.28 $ 0.56 $ 0.43
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
Working capital1
($ thousands)
June 30 December 31
2025 2024
Cash and cash equivalents $ 48,286 $ 46,357
Other current assets:
Short term investment 2,426 1,438
Restricted cash 1,074 923
Inventory 15,517 15,343
Recoverable taxes 3,226 3,933
Other accounts receivable 904 328
Prepaid expenses and advances 1,752 2,226
Current liabilities:
Accounts payable and accrued liabilities (16,398) (15,803)
Notes payable (2,012) (3,044)
Lease liabilities (1,332) (1,363)
Current tax liability (350) (1,422)
Other taxes payable (293) (487)
Reclamation provisions (6,204) (8,585)
Legal and other provisions (35,538) (26,174)
Working capital¹ $ 11,058 $ 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, BSc Mining Eng, MEngSc, MBA, FAusIMM, who is also of the CEO 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 third largest gold
land position in the Iron Quadrangle with over 45,000 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 complex (Turmalina mine and plant) and Caeté 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 complex (Santa Isabel mine and plant), which had been
on care and maintenance since 2012 and is currently being evaluated for a potential restart. 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.
+55 31-99959-6337
Marina de Freitas
Interim Chief Financial Officer
+55 31-98463-5344
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
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto Ontario M5C 3A1
tailings pile, the cost and timing of resuming operations at the MTL complex, the Company’s ability to advance and complete its
plan to resume operations at the MTL complex in accordance with (and as contemplated by) the above, the future stability of
the tailings pile in question and safety of the Turmalina mine, the amount, timing and payment terms of any 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 potential outcomes of any ongoing legal matters relating to 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 related to future operations at any of the Company’s
properties, including Pilar and Turmalina, 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 produc tion, 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 contained
herein, including, among other things, assumptions about th e 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; the estimated timeline for recommencing
operations at the MTL complex; the 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 expec tations 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 timelines and achieving the milestones outlined above regarding the Company’s current plan and process for
resuming operations at the MTL complex, 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 enviro nmental 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 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
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.