JAG.TO · 2025-03-31 12:00:00

Jaguar Mining Reports Updated Mineral Reserves and Mineral Resources Boosts Proven and Probable Mineral Reserves BY 63% __________________________________________________________________________________

Resource Estimates

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 MINERAL RESERVES BY 63%

__________________________________________________________________________________

Toronto, March 31, 2025 – 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 2024.

Detailed tabulations and discussion of this 2024 MRMR disclosure may be found within the Company's

Annual Information Form for the year ended December 31, 2024 , which was filed today. An updated

Technical Report for the MTL complex was prepared in accordance with National Instrument 43 -101 -

Standards of Disclosure for Mineral Projects ("NI 43-101") and also filed today. Both documents can be

found under Jaguar’s profile on SEDAR+ https://www.sedarplus.ca.

HIGHLIGHTS

• Proven and Probable Mineral Reserves (2P Mineral Reserves) increased by 63% to 764

koz (5,903 kt @ 4.03 g/t Au), net of mining depletion. The Onças de Pitangui project reported

the first Mineral Reserves of 284 koz (2,122 kt @ 4.16 g/t Au).

• Measured and Indicated (M&I) Resources decreased by 1% net of depletion to 1,659 koz

(12,325 kt @ 4.19 g/t Au).

• Inferred Mineral Resources increased to 1,676 koz (14,621 kt @ 3.56 g/t Au), highlighting the

Company’s strong growth potential.

• Onças de Pitangui project measured and indicated resources increased by 2% to 457 koz

(3,547 kt @ 4.01 g/t Au) and inferred resources increased by 29% to 490 koz (4,184 kt @ 3.64

g/t Au).

• Faina zone continued its upward trajectory, with a 16% increase in 2P Mineral Reserves to 160

koz (1,019 kt @ 4.87 g/t Au).

• Life of Mine (LOM) plans at Pilar demonstrate five years of production starting in 2025, while

the MTL complex LOM, with the inclusion of the Onças d e Pitangui reserves and resources ,

demonstrates gold production well past 2030.

Vern Baker, CEO of Jaguar Mining stated, “This year’s Mineral Reserve and Mineral Resource update

further advances our organic growth strategy. With the initial disclosure of probable Mineral Reserves

at our Onças de Pitangui project, we increased our reserve base by 63%. While we have challenges to

overcome following the incident at our MTL Complex which resulted in the suspension of operations at

our Turmalina mine, once we are able to return to work at this mine, we see a direct road to increase

the ounce production across the Company. Increasing Mineral Reserves, especially with new

orebodies, is the key to having new mining areas that can take our production to a new level.”

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources

figures are reported for the Company’s two operating mining and production complexes, MTL and

Caeté, and for the Paciência complex (currently on care and maintenance) in the Iron Quadrangle Gold

Province, Minas Gerais, Brazil. The MTL complex (currently suspended) is comprised of the Turmalina

mine (orebodies A, B and C), the Faina zone, the Onças de Pitangui project as well as the Zona Basal

and Pontal deposits. The Caeté complex is comprised of the Pilar mine (orebodies BA, BF, SW, LPA

and TORRE), the Roça Grande mine (on care and maintenance) and the Córrego Brandão open -pit

deposit. The Paciência complex is comprised of the Santa Isabel and Margazão mines (both on care

and maintenance) and the Bahú deposit.

2024 MINERAL RESERVES AND MINERAL RESOURCES

The Mineral Resources and Mineral Reserves reported herein and respective changes in inventory

were consolidated based on estimates sourced from the technical reports listed in Table 3. CIM (2014)

definitions were followed for Mineral Reserves estimates.

The location map in Figure 1 indicates the location of the Company’s production complexes and

respective mines and deposits . The Mineral Rights are situated inside a 60 km radius from Belo

Horizonte, the state capital of Minas Gerais, Brazil.

Figure 1. Schematic location map showing Jaguar’s mineral rights and production complexes

associated to the Rio das Velhas greenschists of the Iron Quadrangle Gold Province

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 2. Bar chart of the consolidated 2024 Proven & Probable Mineral Reserves by operation

Mineral Reserves

The Company’s Proven and Probable Mineral Reserves as at December 31, 2024, increased by 63%

to 764 koz, net of mining depletion, mainly due to the addition of 284 koz of Mineral Reserves from the

Onças de Pitangui project (see bar chart in Figure 2).

Detailed information of the Company’s current consolidated Mineral Reserves inventory , as at

December 31, 2024, is shown in Table 1 at the end of this release.

MTL Complex Mineral Reserves

A total of 572 koz of Mineral Reserves are attributed to the MTL complex Mineral Reserves, distributed

among the Turmalina mine Orebodies A, B, & C, the Faina zone and the Onças de Pitangui project.

Longitudinal sections shown in Figures 3, 4 and 5 illustrate the spatial distribution of the Mineral

Reserves and actual or planned development associated to the Turmalina mine , the Faina zone and

the Onças de Pitangui project.

The current Mineral Reserves inventory resulted from the following add-ons and depletions in 2024:

Mineral Reserves were estimated by Jaguar staff, reviewed and validated by SLR’s Qualified Persons.

Turmalina mine

The current Proven and Probable Mineral Reserves of 128 koz (1,255 kt @ 3.26 g/t Au) for Orebodies

A, B, & C represent a net decrease of 16 koz from the Mineral Reserves established in December 2023

resulting from:

- The depletion of 29 koz resulting from mining activities in 2024;

- The subtraction of 5 koz resulting from a risk analysis performed in 2024 and,

- The re-categorization of Mineral Resources into18 koz of Mineral Reserves resulting from

in-fill / step-out drilling and geological model reinterpretation.

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

The Turmalina mine 2P Mineral Reserves are distributed among the following orebodies:

- Orebody A (29 koz, 226 kt @ 3.95 g/t Au);

- Orebody B (30 koz, 304 kt @ 3.04 g/t Au); and

- Orebody C (70 koz, 695 kt @ 3.12 g/t Au).

Faina zone

The Faina zone hosts a total of 160 koz (1, 019 kt @ 4.87 g/t Au) of Proven and Probable Mineral

Reserves. The Mineral Reserve addition of 27 koz attributed to the re -categorization of Mineral

Resources exposed by the underground development and infill drilling that took place in 2024. The

addition was offset by the production of 4 koz in 2024, resulting in a net increase of 22 koz com pared

to the prior year.

Onças de Pitangui project

NI 43 -101 Technical Report - Turmalina Mining Complex, Minas Gerais, Brazil , by SLR Consulting

(Canada) Ltd. (SLR), includes an update of Probable Mineral Reserves totalling 284 koz (2,122kt @

4.16 g/t Au) at the Onças de Pitangui project.

Figure 3. Long Sections showing year-over-year changes in Turmalina mine Mineral Reserves

2024 vs 2023

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 4. Long Sections showing year-over-year changes of the Faina zone Mineral Reserves

2024 vs 2023

Figure 5. Cross Section showing the Onças de Pitangui project Reserves as at December 31,

2024

Caeté Complex Mineral Reserves

Pilar mine

Infill and step-out drilling and geological model reinterpretation executed in 2024 at the Pilar mine

resulted in the addition of 43 koz to the Pilar mine mineral inventory. Th is addition was offset by the

extraction of 45 koz in 2024. As a result, the updated estimates of the Pilar mine Mineral Reserves total

an amount of 192 koz (1536 kt @ 3.89 g/t Au), a 2 koz net decreas e in the 2P Mineral Reserve

categories if compared to the 194 koz (1,906 Kt @ 3.17 g/t Au) of 2P Mineral Reserves.

Mineral Reserves at the Pilar mine are divided between Orebody BA ( 38 koz, 259 kt @ 4.53 g/t Au),

Orebodies BFs (106 koz, 850 kt @ 3.89 g/t Au), Orebody SW (28 koz, 250 kt @ 3.48 g/t Au), Orebody

Torre (13 koz, 114 kt @ 3.61 g/t Au) and others (7 koz, 63 kt @ 3.38 g/t Au).

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

The Longitudinal sections shown in Figure 6 illustrate the spatial distribution of the Mineral Reserves

and actual development at the Pilar mine.

Figure 6. Long Section showing year-over-year changes in Pilar mine Mineral Reserves 2024 vs

2023

Mineral Resources

The Company’s consolidated Mineral Resources as at December 31, 2024, include both the updated

Mineral Resources for the Pilar and Turmalina mines, Faina zone, as well as for the Onças de Pitangui

project, along with the unchanged Mineral Resources from previous disclosures for the Pontal and Zona

Basal deposits, the Roça Grande, Santa Isabel and Marzagão mines, and the Córrego Brandão and

Bahu deposits.

Consolidated Measured and Indicated Mineral Resources decreased by 1% to 1,659 koz (12,325 kt @

4.19 g/t Au), net of mining depletion. Inferred Mineral Resources increased by 3% to 1,676 koz (14,621

kt @ 3.56 g/t Au) which is a 48 koz net increase over the prior year.

Mineral Resources were estimated by Jaguar staff, reviewed and validated by SLR’s Qualified Persons.

Detailed information of the Company’s current consolidated Mineral Resources inventory as at

December 23, 2024, is shown in Table 2 at the end of this release.

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Figure 7. Graph showing the changes in M&I + I Resource Inventory in 2024 according to the

estimation’s updates and respective material sources.

MTL Complex

Consolidated MTL complex (Measured and Indicated) Mineral Resources underground are reported as

1,104koz (8,219 kt @ 4.18 g/t Au) and Inferred Mineral Resources underground are reported as 906

koz (7,371 kt @ 3.82 g/t Au) . Open pit Inferred Mineral Resources are reported as 32kozs (781 kt @

1.28 g/t Au). The consolidated Mineral Resources are subdivided as follows:

Underground Mineral Resources

• Turmalina mine Measured and Indicated Mineral Resources are reported as 360 koz, (2,875 kt

@ 3.90 g/t Au).

• Turmalina mine Inferred Mineral Resources are reported as 117 koz, (1214 kt @ 3.00 g/t Au).

• Faina zone Measured and Indicated Mineral Resources of 258 koz, (1,532 kt @ 5.23 g/t Au).

• Faina zone Inferred Mineral Resources are reported as 193 koz, (1,145 kt @ 5.25 g/t Au).

• Pontal deposit Measured and Indicated Mineral Resources are reported as 29 koz, (266 kt @

3.44 g/t Au) unchanged from 2023 disclosure.

• Pontal deposit Inferred Mineral Resources are reported as 24 koz, (159 kt @ 4.72 g/t Au)

unchanged from 2023 disclosure.

• Pontal South deposit Inferred Mineral Resources are reported as 81 koz, (669 kt @ 3.76 g/t

Au) unchanged from 2023 disclosure.

• Onças de Pitangui project Measured and Indicated Mineral Resources of 457 koz, (3,547 kt @

4.01 g/t Au).

• Onças de Pitangui project Inferred Mineral Inferred Resources are reported as 490 koz, (4,184

kt @ 3.64 g/t Au).

The year-over-year changes in the Mineral Resources distribution at the Turmalina mine are illustrated

in the longitudinal sections shown in Figures 8, 9 and 10.

JAGUAR MINING INC.

1400-25 Adelaide Street East, Toronto, Ontario M5C 3A1 T: 416-847-1854

Open Pit Mineral Resources

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

1.28 g/t Au) , unchanged since the initial estimates prepared by SLR reported in Technical

Report on the Turmalina Complex, Minas Gerais, Brazil with effective date of November 30,

2023.

Figure 8. Long Section of the Turmalina mine’s Mineral Resources year-over-year changes

(2024 vs. 2023).

Figure 9. Long Section of the Faina zone Mineral Resources year-over-year changes (2024 vs.

2023).

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