Jaguar Mining Inc. Announces Partial Lifting of Satinoco Pile Interdiction, a Critical Step Towards Resumption of the MTL Complex

On October 29, 2025, Jaguar Mining announced it had received a Partial Suspension of the Interdiction Order from the Brazilian Ministry of Labour and Employment concerning the Satinoco pile at its Turmalina Mine. This partial lifting removes restrictions on specific sections of the pile, granting the company critical access to key operational areas, including the Paste Fill plant and maintenance workshops. This access will allow Jaguar to accelerate preparatory work for a phased restart of the Turmalina Mine and the broader MTL Complex.

The partial lifting of the interdiction order is a material positive development and a crucial milestone in Jaguar's path to restarting the Turmalina Mine. The analysis of historical news shows a company methodically executing a recovery plan after a potentially catastrophic event.

• The Crisis (December 2024 - January 2025): Operations at Turmalina were suspended on December 7, 2024, following a slump at the Satinoco dry-stack pile. This event immediately halved the company's production capacity and introduced immense legal and financial uncertainty. The stock price collapsed from C$3.65 to a low of C$1.97 in January after the company was hit with a massive 320 million real (~US$52.5M) fine.

• The De-risking (March - September 2025): Management successfully navigated the crisis by systematically resolving the major overhangs.

  • March 26: An agreement was reached for community compensation (~US$10M).
  • July 14: The environmental fine was drastically reduced by over 80% to a manageable ~US$10.9M.
  • September 3: The company announced the resolution of all pending legal matters related to the incident for an aggregate present value of ~US$28M, to be paid in installments. This was a pivotal moment that removed the largest source of uncertainty.

• The Recapitalization (October 2025): With legal issues resolved, the company secured a C$28 million bought deal financing at C$5.50 per share. Critically, strategic investor Eric Sprott participated for C$10 million, a massive vote of confidence that validated the company's recovery plan and restart potential.

• The Latest News in Context: The October 29 news is the direct operational follow-through to the legal and financial de-risking. The October 14 operational update stated that essential earthworks were complete and the required geotechnical safety factor of 1.5 was exceeded at the Satinoco pile. This latest partial lifting of the interdiction is the regulatory validation of that work. It allows the company to move from stabilization to tangible restart preparations.

While the market has already rewarded Jaguar for its progress in resolving legal and financial issues, this news provides concrete evidence that the operational restart plan is on schedule. It significantly increases the probability of achieving the targeted Q1 2026 restart, which is the primary catalyst for re-rating the company back to a two-asset producer. The impact is material and positive as it reduces execution risk.

Jaguar Mining Inc. is a Canadian-listed gold mining company focused on operations in the Iron Quadrangle region of Minas Gerais, Brazil. The company operates the Pilar Gold Mine (part of the Caeté Complex) and is in the process of restarting its Turmalina Gold Mine (MTL Complex).

The company's flagship project and primary focus is the restart of the Turmalina Mine. Operations were suspended in December 2024 after a slump at the Satinoco dry-stacked waste and tailings facility. Before the incident, Turmalina was a significant contributor to the company's overall production. The successful and timely restart of this mine is the most important value driver for the company, as it will restore Jaguar to a two-mine producer, substantially increasing gold production and diversifying operational risk.