Jaguar Delivers Strong Adjusted Earnings and Strategic Production Restart of MTL (Turmalina Mine) in Q1 2026

Jaguar Mining’s Q1 2026 earnings release (May 13, 2026) shows a dramatic financial turn. Adjusted Net Income surged to $10.3 M ($0.12/share) from $3.7 M a year ago, while revenue jumped 63% to $44.6 M on the back of an average realized gold price of $4,875/oz. Free Cash Flow reached $10.1 M, lifting the cash pile to $71.2 M. On the operational side, gold production totaled 9,630 oz – 8,776 oz from the ever‑reliable Pilar mine and 854 oz from the just‑restarted Turmalina (MTL) complex. Mineral reserves grew 12% to 858 koz. The company self‑funded both the MTL restart and 6,018 m of exploration drilling, underscoring a new era of internally generated growth.

The Q1 2026 financials materially exceed the run‑rate implied by prior operating releases. In April, the company disclosed production of 9,630 oz and cash of $72.1 M, but the true earnings power – Adjusted Net Income of $10.3 M, robust FCF of $1,104/oz, and a record realized price – was only revealed now. This marks the first “clean” quarter after the Satinoco tailings incident, with Turmalina contributing again and costs still elevated but manageable. The market had anticipated a restart, but the magnitude of cash generation and the speed of the balance‑sheet repair are genuinely new information. The news validates management’s thesis that the company has turned the corner and can self‑fund growth, reducing the risk of further dilution. However, AISC of $2,412/oz remains high even at record gold prices, and Q1 production (9,630 oz) is a soft start toward the full‑year guidance of 50‑60 koz. The market’s muted reaction (+1 % on the day of May 13) suggests the operating release had already de‑risked the story, but the earnings detail firmly upgrades the company’s financial profile. Rating: Material – Positive.

Jaguar Mining is a Canadian‑domiciled gold producer focused entirely on the Iron Quadrangle region of Minas Gerais, Brazil. It holds the second‑largest gold land package in the area (over 46,000 ha). Its core assets are:

• Caeté Complex (Pilar Mine): The company’s workhorse, producing at a steady 9,000‑10,000 oz per quarter. The BA zone provides exceptional high‑grade feed (recent intercepts of 12.8 g/t over 25 m) and is expected to supply 50 % of Pilar’s future output. Reserves at Pilar jumped 49 % to 286 koz after successful drilling.
• MTL Complex (Turmalina Mine): The second‑largest asset with 572 koz of reserves. Operations were suspended in Dec 2024 after a tailings pile slump, but all regulatory embargoes were lifted by March 2026, and the mine resumed production on March 9 2026. Turmalina is the key growth driver for 2026.
• Paciência Complex (Santa Isabel Mine): A dormant mine that could be restarted in the future; the adjacent Chamé exploration target shows open‑pitable gold potential (trench results up to 54.5 m @ 0.9 g/t Au).

A comprehensive five‑year exploration plan targets 4‑7 Moz of endowment across all tenements, with ~222,000 m of drilling planned from 2026‑2030.