JAG.TO · 2023-03-29 12:00:00

Jaguar Mining Reports Updated Mineral Reserves and Mineral Resources __________________________________________________________________________________

Resource Estimates

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

NEWS RELEASE

March 29, 2023 TSX:JAG

FOR IMMEDIATE RELEASE OTCQX:JAGGF

Jaguar Mining Reports Updated Mineral Reserves and Mineral

Resources

__________________________________________________________________________________

TORONTO, March 29, 202 3 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG,

OTCQX: JAGGF) is pleased to announce its annual Mineral Reserves and Mineral Resources (MRMR)

statement for 2022. The Proven and Probable (2P) Mineral Reserve figures are derived from Jaguar’s

two operating mines: Turmalina and Pilar. The Mineral Resource figures are derived from these two

mines and also includes updated Mineral Resources for the Faina Growth Project following 2022 infill

drilling and restated Mineral Resources for the Company’s dormant Paciência Complex (CPA) . Initial

Mineral Resources are also reported from the recent Zona Basal and Pontal South brownfield s

discoveries.

Detailed tabulations and discussion of this 2022 MRMR disclosure may be found within the Company´s

AIF Document which will be uploaded to SEDAR on or before the 31st of March 2023 while an updated

NI 43-101 Technical Report for the CPA Complex will be published by the end of May 2023.

HIGHLIGHTS

- Proven and Probable Mineral Reserves additions of 49 koz were offset by mined depletion

of 103 koz for a net decrease of 11% to 454 koz, (3816 kt @ 3.70 g/t Au).

- Measured and Indicated Resources increased by 7% to 1320 koz, (9455 kt @ 4.43 g/t Au).

- Inferred Mineral Resources increased by 13% to 1191 koz, (10302 kt @ 3.60 g/t Au).

- Faina Growth Project infill drilling moved the project forward increasing the Measured and

Indicated Mineral Resource from 58 koz to 233 koz with conversion from Inferred to Indicated

Mineral Resources of 128 koz and with an addition of 47 koz.

- Paciência Complex (CPA) some 235 koz of Inferred Mineral Resources were added to

inventory from Santa Isabel and Margazao after a full review of historical data and for Bahu

after 2022 drilling.

- Life of Mine (LOM) plans at both operations schedules production at current rates into 2027

maintaining a near five-year mineral reserve pipeline in front of operations for the fifth

consecutive year.

- Exploration R esults from in -mine and brownfields areas were robust with solid increases

reported in all Mineral Resource categories including initial disclosure of Inferred Mineral

Resources reported from two new discoveries (Zona Basal and Pontal South).

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

Vern Baker, CEO of Jaguar Mining stated, “ Jaguar has generated $ 91.2M in free cash flow over the

last three years and paid out $ 29.6M in dividends. In addition to making the required investments to

sustain current operations, its further objective is to make targeted capital allocations necessary to best

exploit the Company’s underutilized plant capacity. This year’s Mineral Reserve and Mineral Resource

update underlines this strategy.”

Figure 1. Location of Jaguar Mining Operations and Exploration Projects

Figure 2. Jaguar Mineral Reserves 2015 – 2022

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

2022: MINERAL RESERVES AND MINERAL RESOURCES

Mineral Reserves

During the year, at the Company’s operations, Proven and Probable (2P) Mineral Reserve additions of

49 koz were offset by mined depletion of 103 koz for a net decrease of 11% to 454 koz (3816 kt @ 3.70

g/t Au).

Turmalina Proven and Probable (2P) Mineral Reserves of 2 14 koz, (1855 kt @ 3.58 g/t Au) is a net

decrease of 42 koz from the prior year. Mining in 2022 depleted 49 koz from the Mineral Reserve offset

by a gain of 7 koz.

2P Mineral Reserves at Turmalina can be divided between Orebody A (53 koz, 379 kt @ 4.37 g/t Au ),

Orebody B (38 koz, 346 kt @ 3.42 g/t Au) and Orebody C (122 koz, 1130 kt @ 3.37 g/t Au).

Pilar Proven and Probable (2P) Mineral Reserves are reported as 240 koz, (1961 kt @ 3.81 g/t Au)

which reflects a small net decrease (11 koz) after mined depletion of some 54 koz from the prior year.

2P Mineral Reserves at Pilar can be divided between Orebody BA (29 koz, 223 kt @ 4.1 g/t Au) ,

Orebodies BFs (90 koz, 708 kt @ 3.95 g/t Au ), Orebody SW (77 koz, 631 kt @ 3.80 g/t Au ), Orebody

Torre (21 koz, 178 kt @ 3.73 g/t Au) and others (22 koz, 221 kt @ 3.12 g/t Au).

Table 1. Jaguar Consolidated Mineral Reserves as at 31 st December 2022

Notes:

1. CIM (2014) definitions are followed for Mineral Reserves.

2. Mineral Reserves reported are in-situ.

3. Mineral Reserves at Turmalina were estimated at a break-even cut-off grade of 2.32 g/t Au. Mineral Reserves at Pilar were

estimated at a cut-off grade of 2.44 g/t Au.

4. Mineral Reserves are estimated using an average long-term gold price of $1,650 per ounce, and a US$/BRL$ exchange

rate of 5.20 at both mines.

5. A minimum mining width of 3.50 m was used at Turmalina and 3.00 m at Pilar including dilution.

6. Numbers may not add due to rounding.

7. There are no known environmental, permitting, legal, title, socio-economic, political or other risk factors which could materially

affect the Mineral Reserve estimates.

Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz

(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)

Ore Body A 286 4.70 43 93 3.37 10 379 4.37 53

Ore Body B 215 3.32 23 130 3.59 15 346 3.42 38

Ore Body C 327 3.31 35 803 3.39 87 1130 3.37 122

Total - Turmalina 829 3.79 101 1026 3.41 113 1855 3.58 214

Ore Body BA 130 4.14 17 93 4.05 12 223 4.10 29

Ore Body BFs (BF, BFI,BFII) 518 4.01 67 190 3.82 23 708 3.95 90

Ore Body Torre 21 3.50 2 157 3.76 19 178 3.73 21

Ore Body SW 274 3.70 33 357 3.87 44 631 3.80 77

Others 136 3.14 14 85 3.09 8 221 3.12 22

Total - Pilar 1079 3.82 133 882 3.78 107 1961 3.81 240

Total - Mineral Reserves 1908 3.81 234 1909 3.58 220 3816 3.70 454

Turmalina Gold Complex

Caeté Gold Complex

Pilar

December 31, 2022

Proven Reserves Probable Reserves Proven & Probable Reserves

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

Figure 3. Waterfall Graph showing Jaguar consolidated Proven and Probable (2P) Mineral

Reserves year on year changes by operation 2021 – 2022.

Figure 4. Long Section showing year on year changes in Pilar Mineral Reserves 2022 vs 2021.

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

Figure 5. Long Section showing year on year changes in Turmalina Mineral Reserves 202 2 vs

2021.

Mineral Resources

Jaguar Mining´s Consolidated Mineral Resources as at 31 st December 2022 are reported for both the

Pilar and Turmalina Mines , updated Mineral Resources for the Faina Growth Project based on infill

drilling completed during 2022 and restat ed M ineral Resources for its CPA assets Santa Isabel,

Margazao and Bahu after a full review of historical data from these areas. Initial Mineral Resources are

reported from the Zona Basal and Pontal South Exploration Projects.

Jaguar´s consolidated Measured and Indicated Mineral Resources as of 31st December 2022 are

reported as 1320 koz (9455 kt @ 4.43 g/t Au) which are 87 koz above the prior year reflecting a 7%

increase in reported Measured and Indicated Mineral Resource inventory year on year.

Inferred Mineral Resources for 2022 are reported as 1191 koz (10302 kt @ 3.60 g/t Au) which is a 133

koz net increase on the prior year reflecting a 10 % increase in reported Inferred M ineral Resource

inventory year on year.

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

Table 2. Jaguar Mining´s Consolidated Mineral Resources as at 31st December 2022

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

2. Mineral Resources at the Turmalina Gold Complex include the Turmalina Mine, the Faina deposit, Pontal deposit, Pontal South

deposit and the Zona Basal deposit.

3. Mineral Resources at the Caete Gold Complex include the Pilar and Roça Grande underground mines and the Córrego Brandão

open pit deposit

3. Mineral Resources at the Paciência Gold Complex include the Santa Isabel, Marzagão underground mines and Bahu deposit.

4. Mineral Resources at Turmalina Complex are estimated at a cut-off grade of 1.72 g/t Au at Turmalina, 3.0 g/t at Faina, 2.90 g/t Au

at Pontal, 2.02 g/t at Pontal South, and 0.75 g/t Au at Zona Basal. Faina underground mineral resources are reported using constraining

panels over 3.00 g/t cut-off. For Zona Basal the resources are defined by pit optimization using Lerchs-Grossmann algorithm. Mineral

Resources at Caete Complex are estimated at a cut-off grade of 1.90 g/t Au for Pilar and 1.80 g/t for Roça Grande. For Córrego

Brandão, the Mineral Resources are defined by pit optimization using Lerchs-Grossmann algorithm and using cut-off grades of 0.38 g/t

Au and 0.74 g/t Au for oxidized and fresh material, respectively.

5. Mineral Resources at the Pontal deposit remain unchanged from those stated as at December 31, 2015.Mineral Resources at

Paciência Complex for Bahu underground mineral resources are reported using constraining panels that were created using a cut-off

grade of 1.85 g/t Au. Santa Isabel/Córrego Grande/Marzagão underground mineral resources are reported from clipped wireframes

created using a cut-off grade of 2.75 g/t Au.

6. Mineral Resources are estimated using a long-term gold price of $1,800 per ounces at Turmalina, Faina, Pontal South, Zona Basal,

Pilar, Córrego Brandão, Santa Isabel, Marzagão, and Bahu. Mineral Resources for the Roça Grande and Pontal deposits are estimated

using a long-term gold price of $ 1,800.

Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz

(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)

Ore Body A 739 6.26 149 263 3.64 31 1002 5.57 179 94 3.60 11

Ore Body B 315 3.81 39 202 3.92 25 517 3.85 64 169 4.33 23

Ore Body C 734 3.59 85 1390 3.47 155 2124 3.51 240 1012 3.05 99

Sub-Total Turmalina 1788 4.73 272 1855 3.54 211 3643 4.13 483 1274 3.26 134

Faina 0 0.00 0 1427 5.08 233 1427 5.08 233 1420 5.09 232

Pontal 251 5.00 40 159 4.28 22 410 4.72 62 130 5.03 21

Pontal South 820 2.85 75

Total - Turmalina UG 2039 4.76 312 3441 4.21 466 5480 4.42 778 3644 3.94 462

Turmalina Waste/Void Tonnes Total

Underground Caeté Gold Complex

Pilar

Ore Body BA 293 4.23 40 148 4.43 21 441 4.30 61 202 6.76 44

Ore Body BF 557 4.92 88 157 4.63 23 714 4.86 112 399 4.64 60

Ore Body BFII 269 5.12 44 22 3.78 3 291 5.02 47 49 5.35 9

Ore Body BFIII 38 4.49 5 55 4.00 7 93 4.20 13 39 4.33 5

Ore Body Torre 70 3.74 8 250 4.15 33 320 4.06 42 327 3.97 42

Ore Body SW 376 3.99 48 509 4.03 66 886 4.01 114 978 3.68 116

Others 174 4.03 23 94 3.33 10 268 3.78 33 121 5.00 19

Total - Pilar 1778 4.50 257 1235 4.12 164 3013 4.34 421 2117 4.33 294

Roça Grande 197 3.42 22 765 4.02 99 962 3.90 121 889 4.08 117

Total - Caeté UG 1975 4.39 279 2000 4.08 263 3975 4.24 542 3006 4.26 411

Pilar Waste/Void Tonnes Total

Underground Paciência Gold Complex

Santa Isabel/Corrego Grande 978 4.01 126

Marzagão 445 4.44 63

Bahu 333 3.99 43

Total - Paciência UG 1756 4.12 232

Open Pit -Turmalina Gold Complex

Zona Basal 781 1.28 32

Córrego Brandão 1072 1.48 51

Open Pit -Paciência Gold Complex

Bahu 43 2.08 3

JAGUAR UG Total - Mineral Resources 4014 4.58 591 5442 4.16 729 9455 4.34 1320 8406 4.09 1105

JAGUAR OP Total - Mineral Resources 0 0 0 0 0 0 0 0 0 1896 1.41 86

JAGUAR TOTAL - Mineral Resources 4014 4.58 591 5442 4.16 729 9455 4.34 1320 10302 3.60 1191

Open Pit - Caeté Gold Complex

Underground Turmalina Gold Complex

December 31, 2022

Measured Resources Indicated Resources Measured & Indicated

Resources Inferred Resources

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

7. Mineral Resources are estimated using an average long-term foreign exchange rate of 5.20 Brazilian Reais: 1 US Dollar for

Turmalina, Faina, Pontal South Zona Basal, Pilar, Santa Isabel, Marzagão, and Bahu.

8. A minimum mining width of 2.00 m was used at Turmalina, Faina, Pontal South, Pilar, Santa Isabel, and Marzagão. For Córrego

Brandão and Zona Basal has used pit optimization using Lerchs-Grossmann algorithm.

9. Mineral Resources are inclusive of Mineral Reserves at Turmalina and Pilar mines. No Mineral Reserves are currently present at

Faina, Pontal, Pontal South, Zona Basal, Roça Grande, Córrego Brandão, Santa Isabel, Marzagão and Bahu.

10. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

11. Numbers may not add due to rounding.

Figure 6. Waterfall Graph showing Jaguar consolidated Mineral Resources (koz) year on year

changes by operation and project 2022 vs 2021.

Figure 7. Waterfall Graph showing Jaguar Consolidated Measured and Indicated Mineral

Resources (koz) year on year changes by operation and project 2022 vs 2021.

JAGUAR MINING INC.

First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854

Consolidated Turmalina Complex (Measured and Indicated) Mineral Resources (Underground)

are reported as 778koz ( 5480 kt @ 4. 42 g/t Au ) and Inferred Mineral Resources 494koz,

(Underground, 3644 kt @ 3.94 g/t Au and Open Pit, 781 kt @ 1.28 g/t Au) subdivided as follows:

Underground Mineral Resources

• Turmalina Mine Measured and Indicated Mineral Resources are reported as 483 koz, (3643 kt

@ 4.13 g/t Au).

• Turmalina Mine Inferred Mineral Resources are reported as 134 koz, (1274 kt @ 3.26 g/t Au).

• Faina Measured and Indicated Mineral Resources of 233 koz, (1427 kt @ 5.08 g/t Au).

• Faina Inferred Mineral Resources are reported as 232 koz, (1420 kt @ 5.09 g/t Au).

• Pontal Measured and Indicated Mineral Resources are reported as 62 koz, (410 kt @ 4.72 g/t

Au) unchanged from 2021 disclosure.

• Pontal Inferred Mineral Resources are reported as 21 koz, (130 kt @ 5.03 g/t Au) unchanged

from 2021 disclosure.

• Initial Pontal South Inferred Mineral Resources are reported as 75 koz, (820 kt @ 2.85 g/t Au).

Open Pit Mineral Resources

• Initial Zona Basal Inferred Mineral Resources (Open Pit) are reported as 32 koz, (781 kt @ 1.28

g/t Au).

Figure 8. Long Section showing year on year changes in Turmalina Mineral Reserves 2021 –

2022.

← Back to feed