Jaguar Mining Reports Updated Mineral Reserves and Mineral Resources Boosts Proven and Probable (2P) Mineral Reserves 4%, Measured and Indicated Mineral Resources 27% and Inferred Resources 41% __________________________________________________________________________________
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JAGUAR MINING INC.
1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854
JAGUAR MINING REPORTS UPDATED MINERAL RESERVES AND MINERAL
RESOURCES
BOOSTS PROVEN AND PROBABLE (2P) MINERAL RESERVES 4%, MEASURED AND
INDICATED MINERAL RESOURCES 27% AND INFERRED RESOURCES 41%
__________________________________________________________________________________
Toronto, February 26 , 202 4 – 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 2023. Proven and Probable (2P) Mineral Reserves and Measured, Indicated and Inferred
Mineral Resources figures are reported for Jaguar’s two operating mining and production complexes,
Turmalina and Caeté, and for the Paciencia Complex , currently on care and maintenance. T he
Turmalina Complex is comprised of the Turmalina mine, the Faina and Onças de Pitangui growth
projects as well as the Zona Basal and Pontal deposits . The Caeté Complex is comprised of the Pilar
mine, the Roça Grande mine (on care and maintenance) and the Córrego Brandao deposit. The
Paciencia Complex is comprised of the Santa Isabel and Margazao mines (both on care and
maintenance) and the Bahú deposit.
Detailed tabulations and discussion of this 2023 MRMR disclosure may be found within the company’s
AIF Document which will be uploaded to SEDAR+ on or before the March 31, 2023. An updated NI 43-
101 Technical Report for the Turmalina Complex was uploaded to SEDAR+ on the February 2, 2024.
HIGHLIGHTS
- Consolidated Proven and Probable Mineral Reserves show additions of 132 koz reflecting
the addition of reserves at the Faina project , offset by mined depletion at Pilar and Turmalina
of 88 koz and removal of remnant material from inventory at Turmalina of 28 koz for a net
increase of 4% to 470 koz, (4,015 kt @ 3.64 g/t Au).
- Faina Probable Mineral Reserves added 132 koz (787 kt @ 5.22 g/t Au) to Jaguar ’s 2P
Mineral Reserves inventory.
- Consolidated Measured and Indicated Mineral Resources increased by 27% to 1,676 koz,
(12,633 kt @ 4.12 g/t Au), reflecting the addition of measured and indicated mineral resources
from the Onças de Pitangui project.
- Onças de Pitangui Indicated Mineral Resources added 448 koz, (3,423 kt @ 4.07 g/t Au) to
Jaguar´s Mineral Resources inventory.
- Consolidated Inferred Mineral Resources increased by 41% to 1,628 koz, (14,175 kt @ 3.58
g/t Au), driven by the addition of inferred mineral resources from the Onças de Pitangui project.
- Onças de Pitangui Inferred Mineral Resources added 379 koz, (3,343 kt @ 3.53 g/t Au) to
the Company’s inventory.
- Life of Mine (LOM) plans at the Pilar operation forecast production at current rates into 2028.
At the Turmalina Complex, with F aina ramping up from this year through 2026 , the LOM
extends at increased production rates beyond 2030 . The Company continues to progress
project work required to support the publication of initial mineral reserves for the Onças de
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Pitangui project (current Indicated and inferred mineral resource at Sao Sebastiao) in the fourth
quarter of 2024.
Vern Baker, CEO of Jaguar Mining stated, “This year’s Mineral Reserve and Mineral Resource update
further advances our organic growth strategy, especially with the initial disclosure of probable Mineral
Reserves from our Faina project and the addition of 800 koz of Mineral Resources added from the
acquisition of Iamgold´s Sao Sebastiao deposit and Onças de Pitangui project. A net increase of 4% in
Mineral Reserves along with the material increases in Mineral Resources is a very positive driver
underpinning the long-term future of the company.
Figure 1. Location of Jaguar Mining Operations Complexes
The Company’s year-over-year track record of Mineral Reserve estimates replacing production, and
Mineral Resource growth, are illustrated in the following figures.
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 2. Mineral Reserves 2015 – 2023
Figure 3. Mineral Resources Growth 2015 – 2023
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 4. Graph showing the Mineral Reserves - Annual Production ratio over time since 2015.
Reserve replacement has successfully maintained a 5 -year Life of Mine profile since 2018.
2023 MINERAL RESERVES AND MINERAL RESOURCES
Mineral Reserves
During the year, the Company’s consolidated Proven and Probable Mineral Reserves showed
additions of 132 koz at the Faina project, partly offset by mined depletion at Pilar and Turmalina of 88
koz and the removal of remnant material from inventory at Turmalina of 28 koz, for a net increase of
4% to 470 koz (4,015 kt @ 3.64 g/t Au).
Turmalina Complex Proven and Probable (2P) Mineral Reserves of 276 koz, (2,109 kt @ 4.07 g/t Au)
reflects a net increase of 62 koz from the prior year. Mining in 2023 depleted 42 koz from the Mineral
Reserve and a further 28 koz of Mineral Reserves attributed to remnant material was re-evaluated,
proved to be uneco nomic, and removed from inventory . At Faina , an initial Mineral Reserve was
estimated, as detailed in a NI 43-101 Technical Report for the Turmalina Complex.
The 2P Mineral Reserves at Turmalina (excluding Faina) can be separated between Orebody A (24
koz, 177 kt @ 4.16 g/t Au), Orebody B (32 koz, 302 kt @ 3.33 g/t Au), and Orebody C (88 koz, 843 kt
@ 3.24 g/t Au).
At Pilar, 2P Mineral Reserves are reported as 194 koz, (1906 kt @ 3. 17 g/t Au) which reflects a net
decrease of 46 koz by mined depletion.
At Pilar, a 17% reduction in the Mineral Reserve grade year-over-year from 3.81 g/t Au to 3.17 g/t Au
was reported. This difference largely reflects the impacts of geometrical and grade challenges
associated with unexpected geological complexity encountered in early 2023, especially on level 15.
The average produced grade in the first and second quarter of 2023 of 3.26 g/t Au is consistent with
this reduced Mineral Reserve grade reported in this disclosure. It is important to note that modifications
to mining methodology and grade control protocols implemented late in the second quarter to mitigate
these reconciliation and geometrical / grade challenges saw the produced grade at Pilar increase to
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
3.68 g/t Au by the fourth quarter of 2023. However, due to timing constraints, the database cut-off date
for the Mineral Reserves disclosure presented here was July 31, 2023, which did not capture any drilling
(77 holes) or productive development sampling results ( approximately 1,000 metres) achieved
subsequent to July 31 , 2023, in the remainder of 2023. The results from this incremental drilling and
development sampling were generally higher grade than the areas mined in the first and second quarter.
The Company also reported higher grades in production during the fourth quarter of 2023 and expects
these grade improvements to be incorporated in the next MRMR estimation cycle , through which Pilar
mine inventories can be expected to return to pre-2023 levels.
2P Mineral Reserves at Pilar can be divided between Orebody BA (2 6 koz, 237 kt @ 3.36 g/t Au),
Orebodies BFs (92 koz, 869 kt @ 3.29 g/t Au), Orebody SW (54 koz, 550 kt @ 3.05 g/t Au), Orebody
Torre (12 koz, 127 kt @ 2.98 g/t Au) and others (11 koz, 122 kt @ 2.77 g/t Au).
Table 1. Consolidated Mineral Reserves as at December 31, 2023
Notes:
1. CIM (2014) definitions were followed for Mineral Reserves.
2. Mineral Reserves are estimated at a cut-off grade of 2.39 g/t Au for orebodies A, B, and C at Turmalina deposit and 2.44 g/t Au for
Pilar deposit. For Faina, the Mineral Reserves are estimated at a cut-off grade of 4.00 g/t Au.
3. Mineral Reserves are estimated using an average long-term gold price of US$1,650 per ounce and a BRL/US$ exchange rate of 5.20
for Turmalina and Faina deposits and an average long-term gold price of US$1,800 per ounce and a BRL/US$ exchange rate of 4.90 for
Pilar deposit.
4. A minimum mining width of 3.50 m was used at Orebodies A, B, and C at Turmalina, 2.50 m at Pilar and 2.00 m at Faina deposit.
6. Numbers may not add due to rounding.
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 122 5 18 56 3 6 177 4 24
Ore Body B 202 3.32 22 100 3.34 11 302 3.33 32
Ore Body C 190 3.31 20 653 3.22 68 843 3.24 88
Sub-Total - Turmalina Mine 514 3.61 60 808 3.24 84 1323 3.38 144
Faina 0 0.00 0 787 5.22 132 787 5.22 132
Total - MTL Complex UG 514 3.61 60 1595 4.21 216 2109 4.07 276
Ore Body BA 119 3.26 12 118 3.45 13 237 3.36 26
Ore Body BFs (BF, BFI,BFII) 479 3.36 52 390 3.19 40 869 3.29 92
Ore Body Torre 27 3.67 3 100 2.79 9 127 2.98 12
Ore Body SW 177 3.31 19 373 2.92 35 550 3.05 54
Others 31 2.77 3 92 2.77 8 122 2.77 11
Total - Pilar 833 3.33 89 1073 3.05 105 1906 3.17 194
Total - Mineral Reserves 1347 3.43 149 2668 3.75 321 4015 3.64 470
Underground MTL Gold Complex
Underground Caeté Gold Complex
Pilar
December 31, 2023
Proven Reserves Probable Reserves Proven & Probable Reserves
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 5. Waterfall Graph showing consolidated Proven and Probable (2P) Mineral Reserves
year-over-year changes by operation 2022 – 2023.
Figure 6. Long Section showing year-over-year changes in Pilar Mineral Reserves 2023 vs 2022.
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Figure 7. Long Section showing year-over-year changes in Turmalina Mineral Reserves 2023 vs
2022.
Mineral Resources
Consolidated Measured and Indicated Mineral Resources as of December 31, 2023, are reported as
1,676 koz (12,633 kt @ 4.12 g/t Au) which are 356 koz above the prior year reflecting a 27% increase
in reported Measured and Indicated Mineral Resource inventory year-over-year.
Inferred Mineral Resources for 2023 are reported as 1,628 koz (14,175 kt @ 3.58 g/t Au) which is a 437
koz net increase o ver the prior year reflecting a 41% increase in reported Inferred Mineral Resource
inventory year on year.
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JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Table 2. Consolidated Mineral Resources as at December 31, 2023
Notes:
1. CIM (2014) definitions were followed for the classification of Mineral Resources.
2. Mineral Resources are inclusive of the Mineral Reserves at Turmalina, Faina and Pilar. No Mineral Reserves are currently present at
the Pontal, Zona Basal, São Sebastião, Santa Isabel, Marzagão, Bahu, Roça Grande and Córrego Brandão deposits.
3. Mineral Resources include the Turmalina, Faina, Pontal, São Sebastião, Santa Isabel, Marzagão, Bahu, Pilar and Roça Grande
underground mineral resources and the Zona Basal, Bahu and Córrego Brandão open-pit mineral resources.
3. Mineral Resources are estimated at a cut-off grade of 1.79 g/t Au at Turmalina, 2.65 g/t Au at Faina, 3.0 g/t Au at Pontal, 0.75 g/t Au
at Zona Basal, 2.25 g/t Au at São Sebastião, 2.75 g/t Au at Santa Isabel, 2.75 g/t Au at Marzagão, 0.74 g/t Au and 1.85 g/t Au for,
respectively, open-pit and underground mineral resources at Bahu, 1.86 g/t Au at Pilar, 1.80 g/t Au at Roça Grande and 0.38 g/t Au and
0.74 g/t Au for, respectively, oxidized and fresh material for open-pit mineral resources at Córrego Brandão deposit.
4. Mineral Resources at the Turmalina deposit include all drill hole and channel sample data as of September 13, 2022, and are
depleted using mining excavations as of December 31, 2023. Mineral Resources at the Faina and Pontal deposits include drill hole
information as of September 9, 2022. Mineral Resources at the Zona Basal deposit include drill hole information current as of August
25, 2022. Mineral Resources at the São Sebastião deposit include drill hole information current as of July 29, 2019. Mineral Resources
at the Santa Isabel and the Marzagão deposits include drill hole information current as of September 2022. Mineral Resources at the
Bahu deposit include drill hole information current as of November 2022. Mineral Resources at the Pilar deposit include drill hole
information current as of July 25, 2023. Mineral Resources at the Roça Grande deposit include drill hole information current as of
December 31, 2018. Mineral Resources at the Córrego Brandão deposit include drill hole information current as of June 8, 2021.
5. Mineral Resources are estimated using a long-term gold price of US$1,800/oz Au for the Turmalina, Faina, Pontal, Zona Basal, Santa
Isabel, Marzagão, Bahu, Roça Grande and Córrego Brandão deposits, US$1,500/oz Au for the São Sebastião deposit and
US$1,950/oz Au for the Pilar deposit.
6. Mineral Resources are estimated using an average long term exchange rate of R$5.20:US$1.00 for the Turmalina, Faina, Pontal,
Zona Basal, São Sebastião, Santa Isabel, Marzagão, Bahu, Roça Grande, Córrego Brandão deposits and an exchange rate of
R$4.90:US$1.00 for the Pilar deposit.
7. Minimum width of approximately 2.00 m was used for Turmalina, Faina, Pontal, Santa Isabel, Marzagão, Bahu, Pilar and Roça
Grande deposits. A minimum height of 2.00 m was applied to São Sebastião using reporting panels. Córrego Brandão, Zona Basal and
Bahu open pit mineral resources were constrained with pit optimizations using Lerchs-Grossmann algorithm.
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
9. Numbers may not add due to rounding.
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 711 6.29 144 263 3.64 31 974 5.58 175 95 3.61 11
Ore Body B 297 3.69 35 182 3.66 21 479 3.68 57 167 4.36 23
Ore Body C 646 3.48 72 1196 3.34 128 1842 3.39 201 1009 3.05 99
Sub-Total Turmalina Mine 1655 4.73 251 1641 3.42 181 3295 4.08 432 1271 3.26 133
Faina 1427 5.08 233 1427 5.08 233 1420 5.09 232
Pontal 266 3.44 29 266 3.44 29 159 4.72 24
Pontal South 669 3.76 81
Projeto Pitangui (São Sebas tião) 3423 4.07 448 3423 4.07 448 3343 3.53 379
Total - MTL Complex UG 1655 4.73 251 6757 4.10 891 8411 4.23 1143 6862 3.85 849
Ore Body BA 276 4.68 41 168 4.11 22 443 4.46 63 283 6.19 56
Ore Body BFs (BF, BFI,BFII) 780 4.44 111 494 4.13 65 1275 4.32 176 772 3.90 97
Ore Body Torre 47 3.78 6 243 4.16 33 290 4.10 38 365 4.29 50
Ore Body SW 284 3.75 34 689 3.26 72 973 3.40 106 1039 3.05 102
Others 53 3.45 6 226 3.03 23 279 3.11 29 312 3.84 38
Total - Pilar 1440 4.29 198 1821 3.67 215 3260 3.93 413 2771 3.87 343
Roça Grande 197 3.42 22 765 4.02 99 962 3.90 121 889 4.08 117
Total - Caeté UG 1637 4.19 220 2586 3.77 314 4222 3.92 534 3660 3.92 460
Santa Is abel/Corrego Grande - - - - - - - - - 978 4.01 126
Marzagão - - - - - - - - - 445 4.44 63
Bahu - - - - - - - - - 333 3.99 43
Total - Paciência Complex UG - - - - - - - - - 1756 4.12 232
Open Pit - MTL Gold Complex
Zona Bas al - - - - - - - - - 781 1.28 32
Córrego Brandão - - - - - - - - - 1072 1.48 51
Córrego Brandão Was te 0
Open Pit -Paciência Gold Complex
Bahu - - - - - - - - - 43 2.08 3
JAGUAR UG Total - Mineral Resources 3291 4.46 471 9342 4.01 1205 12633 4.12 1676 12278 3.91 1542
JAGUAR OP Total - Mineral Resources - - - - - - - - - 1896 1.41 86
JAGUAR TOTAL - Mineral Resources 3291 4.46 471 9342 4.01 1205 12633 4.12 1676 14175 3.58 1628
Open Pit - Caeté Gold Complex
Underground Turmalina Gold Complex
Underground Caeté Gold Complex
Pilar
Underground Paciência Gold Complex
December31, 2023
Measured Resources Indicated Resources Measured & Indicated Resources Inferred Resources