JAG.TO · 2026-03-31 12:00:00

Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine, Reinforcing Long Term Growth Strategy _________________________________________________________________________________

Resource Estimates

JAGUAR MINING INC.

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

Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine,

Reinforcing Long Term Growth Strategy

_________________________________________________________________________________

Toronto, March 31, 2026 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX:

JAGGF) announces a positive update to the Mineral Reserves of its Pilar Mine (in the Caeté

Complex), located in the Iron Quadrangle, Minas Gerais, Brazil, reflecting the successful execution of

infill and step‑out drilling programs and geological model reinterpretation completed during 2025 .

During 2025, the Pilar Mine was Jaguar’s sole operating mine, with the Turmalina Mine in the MTL

Complex returning to operating status in March 2026 (see Jaguar Mining Press Release dated March

9, 2026). As a result, only the Mineral Resource and Mineral Reserve (MRMR) for the Pilar Mine has

been updated, as MTL remained on an embargo-related halt and no additional drilling could be

completed throughout 2025. For the Onças de Pitangui (OdP) project, the MRMR figures remain

unchanged from those reported in March 2025, despite an infill drilling program that commenced in

2025 and will continue through 2026. For both assets MTL and OdP, the Company plans to update

the mineral resources next year.

The updated Mineral Reserve estimate for the Pilar Mine now totals 286,000oz, contained in 2,494

thousand tonnes at an average grade of 3.57 g/t Au, representing a net increase of 94,000oz in

Proven & Probable Mineral Reserves, compared to the previously reported 192,000oz (1,536kt @

3.89 g/t Au) of Proven & Probable Mineral Reserves. The NI 43-101 Technical Report on Caete

Mineral Complex December 31,2025 is now available on SEDAR+.

HIGHLIGHTS

• 94,000oz net increase in Pilar Mineral Reserves following successful infill and step-out

drilling and geological model reinterpretation completed in 2025.

• Updated Pilar Proven & Probable Mineral Reserves total 286,000oz (2,494 kt @ 3.57 g/t

Au), compared to 192,000 oz previously reported.

• The December 2025 Pilar Mineral Reserves are estimated using a long-term gold price of

$2500/oz, and Pilar Mineral Resources are estimated using a long-term gold price of

$2700/oz, both use an exchange rate of R$5.5:US$1.0.

• Reserve growth driven primarily by the BA and BFs orebodies, confirming continuity and

scale of the Pilar mineralized system.

• Pilar delivered consistent operational performance in 2025, producing 40,012 oz of gold

with stable recoveries of approximately 89%, while advancing key underground infrastructure

upgrades.

• Drilling program successfully converted Mineral Resources into Mineral Reserves,

demonstrating the effectiveness of disciplined infill drilling and technical de -risking

• Targeted 5,000 m of directional drilling planned for Pilar in 2026, subject to capital

allocation and planning priorities, focused on depth extensions at the BA orebody and

continuity within BFs orebody.

• Company remains focused on operational stability, disciplined capital deployment, and

sustainable long-term growth.

The updated Mineral Reserves at the Pilar Mine are distributed across the following orebodies:

JAGUAR MINING INC.

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

• BA Orebody: 66 koz (514 kt @ 3.98 g/t Au)

• BFs Orebodies: 141 koz (1,211 kt @ 3.62 g/t Au)

• SW Orebody: 33 koz (312 kt @ 3.27 g/t Au)

• Torre Orebody: 18 koz (173 kt @ 3.24 g/t Au)

• Other Orebodies: 29 koz (285 kt @ 3.14 g/t Au)

This distribution highlights the continued importance of the BA and BF orebodies as the principal

contributors to the Pilar Mine’s Mineral Reserve base, while also reflecting the broader contribution

from multiple mineralized structures within the mine.

2025 Operational Performance Provides a Solid Foundation

Throughout 2025, the Pilar Mine remained Jaguar’s sole operating asset and delivered consistent

operational performance, producing 40,012 ounces of gold for the year, supported by stable

metallurgical recoveries of approximately 89%.

Operational activities during the year were conducted alongside planned investments in

underground infrastructure, including improvements to ventilation, exhaust, and safety systems,

which temporarily influenced mining sequence in certain areas but are expected to support long‑term

operational continuity, safety, and efficiency.

The Company views the performance of the Pilar Mine in 2025 as a demonstration of the robustness

of the asset, providing a stable operating base while simultaneously advancing technical work

required to support future growth.

2025 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. Table 4 (at the end of this release)

presents the development parameters and economic premises applied to the estimation of Mineral

Resources.

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.

JAGUAR MINING INC.

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

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

Mineral Reserves

The Company’s Proven & Probable Mineral Reserves as at December 31, 2025, increased by 12% to

858 koz, net of mining depletion, (see bar chart in Figure 2).

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

December 31, 2025, is shown in Table 1 at the end of this release.

JAGUAR MINING INC.

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

Figure 2. Bar chart of the consolidated 2025 Proven & Probable Mineral Reserves by operation

MTL Complex Mineral Reserves

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

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

Persons.

Turmalina Mine

The Proven & Probable Mineral Reserves for Orebodies A, B, & C currently total 128 koz (1, 225 kt @

3.26 g/t Au), unchanged from the previous disclosure. These reserves are allocated as follows:

Orebody A holds 29 koz (226 kt @ 3.95 g/t Au), Orebody B contains 30 koz (304 kt @ 3.04 g/t Au),

and Orebody C comprises 70 koz (695 kt @ 3.12 g/t Au).

Faina Zone

The Faina zone contains 160 koz (1,019 kt @ 4.87 g/t Au) of Proven & Probable Mineral Reserves,

unchanged from the previous disclosure.

Onças de Pitangui Project

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

(Canada) Ltd. (SLR) states that the Onças de Pitangui project contains Probable Mineral Reserves

totalling 284 koz (2,122 kt @ 4.16 g/t Au), unchanged from the previous disclosure.

JAGUAR MINING INC.

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

Figure 3. Turmalina Gold Mine – Longitudinal Projection of Reserves

Figure 4. Faina Gold Mine – Longitudinal Projection of Reserves

JAGUAR MINING INC.

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

Figure 5. Onças de Pitangui Deposit – Longitudinal Projection of Reserves

Caeté Complex Mineral Reserves

Pilar Mine

The 94 koz net increase in Mineral Reserves is underpinned by successful exploration and

technical work completed in 2025, including:

- Infill drilling, which improved geological confidence and supported the conversion of Mineral

Resources into Mineral Reserves; and

- Step-out drilling, which expanded the interpreted limits of mineralization, particularly within

the BA, BFs, and SW orebodies.

Drilling results from the BA Zone confirmed the presence of high-grade mineralization with strong

geological and structural continuity, reinforcing confidence in the Pilar Mine’s ability to sustain and

potentially expand its Mineral Reserve base through disciplined exploration. As a result, the updated

estimates of the Pilar Mine Mineral Reserves total an amount of 286 koz (2,494 kt @ 3.57 g/t Au), a

94 koz net increase in the Proven & Probable Mineral Reserve categories if compared to the 192 koz

(1,536 Kt @ 3.89 g/t Au) of Proven & Probable Mineral Reserves.

Mineral Reserves at the Pilar Mine are divided between Orebody BA (66 koz, 514 kt @ 3.98 g/t Au),

Orebodies BFs (141 koz, 1211 kt @ 3.62 g/t Au), Orebody SW (33 koz, 312 kt @ 3.27 g/t Au),

Orebody Torre (18 koz, 173 kt @ 3.24 g/t Au) and others (29 koz, 285 kt @ 3.14 g/t Au).

The Measured and Indicated Resources in the Caete Complex increased by 138 koz or 25%, and

Inferred Resources Increased by only 34 koz or 7% due to the infill drilling focus in 2025.

The NI 43-101 Technical Report on Caete Mineral Complex December 31,2025 will be available on

SEDAR as of March 31, 2026.

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

and actual development at the Pilar Mine.

JAGUAR MINING INC.

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

Figure 6. Pilar Gold Mine – Longitudinal Projection of Reserves Evolution

Mineral Resources

The Company’s consolidated Mineral Resources as at December 31, 2025, include the updated

Mineral Resources for the Pilar Mine, along with the unchanged Mineral Resources from previous

disclosures for the Turmalina Complex, the Roça Grande, Santa Isabel and Marzagão mines, and the

Córrego Brandão and Bahu deposits.

Consolidated Measured and Indicated Mineral Resources increased by 8% to 1,797 koz (13,575 kt @

4.12 g/t Au). Inferred Mineral Resources increased by 2% to 1,709 koz (14,732 kt @ 3.61 g/t Au)

which is a 34 koz net increase over the prior year.

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

Persons.

Building on the technical success achieved in 2025, Jaguar plans to advance a targeted directional

drilling program of approximately 5,000 metres at the Pilar Mine in 2026, subject to ongoing

planning and capital allocation priorities.

The objectives of the 2026 exploration program include:

- Testing extensions of the BA orebody at depth;

- Evaluating continuity within the BFs and adjacent structures; and

- Improving geological confidence in deeper portions of the mine.

This program is designed to investigate a conceptual exploration target exceeding 500 koz of

gold. The Company cautions that this target is conceptual in nature, that there has been

insufficient exploration to define a Mineral Resource, and that there is no certainty that further

exploration will result in the delineation of additional Mineral Resources or Mineral Reserves .

Consistent with corporate guidance, Jaguar remains focused on operational stability at Pilar,

disciplined capital deployment, and the advancement of exploration programs that have the potential

to support long-term value creation, rather than short-term production growth.

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

December 31, 2025, 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

MTL Complex

The consolidated underground Measured and Indicated Mineral Resources for the MTL complex are

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

koz (7,371 kt @ 3.82 g/t Au), both unchanged from the previous disclosure. Open pit Inferred Mineral

Resources stand at 32 koz (781 kt @ 1.28 g/t Au), also unchanged from the previous disclosure. The

breakdown of consolidated Mineral Resources is 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) unchanged from 2024 disclosure.

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

unchanged from 2024 disclosure.

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

unchanged from 2024 disclosure.

• 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) unchanged from 2024 disclosure.

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

(4,184 kt @ 3.64 g/t Au) unchanged from 2024 disclosure.

The Mineral Resources distribution at the Turmalina mine are illustrated in the longitudinal section s

shown in Figures 7, 8 and 9.

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.

← Back to feed