Northwire Canada EditionFriday, November 13, 2026
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Earnings

Jaguar Mining Reports Third Quarter 2026 Results with 67% Growth in Adjusted Net Income and 46% Higher Adjusted EBITDA

Cost surge and negative free cash flow overshadow EBITDA growth

By The Northwire Desk — AI Analysis Nov 12, 2026 · 20:40 JAG · 5.09 Jaguar Mining Inc.
Executive Summary
  • Jaguar reported Q3 2026 results for the quarter ended September 30, 2026. Revenue rose 79% YoY to $60.8 million, adjusted net income rose 67% to $13.0 million, and adjusted EBITDA was $23.8 million.
  • The headline growth is largely price- and sales-led: gold sold rose 46% to 14,259 ounces, while production rose 30% YoY to 12,981 ounces. The realized gold price rose 23% YoY to $4,262/oz.
  • Production was down 0.6% QoQ from 13,057 ounces in Q2 2026. Pilar produced 8,549 ounces and Turmalina 4,432 ounces.
  • Costs deteriorated sharply. Cash operating costs were $2,120/oz versus $1,374/oz in Q3 2025. AISC was $3,164/oz versus $2,063/oz in Q3 2025 and $2,840/oz in Q2 2026.
  • Free cash flow was negative $15.1 million per the table, versus positive $8.2 million in Q3 2025; the release text cites negative $14.6 million. Cash fell to $47.8 million from $74.0 million at June 30, 2026, although $11.7 million of a late-September gold sale receivable was collected in early October.
  • The company maintained 2026 production guidance of 50,000–60,000 ounces but added that it is “more likely to achieve the lower end of that range.”
  • The release repeats the October 30, 2026 denial of the Onças de Pitangui LP+LI environmental application. No estimated licensing date is provided.
  • Disclosure check: the release text and tables are not fully consistent. The text says adjusted EBITDA rose 46% from $16.3 million, while the table shows $23.791 million versus $15.523 million, or +53%. The text says EBITDA rose 30% from $19.0 million, while the table shows $24.662 million versus $18.227 million. I use the table figures.
Material Impact
  • The release is material and negative because the headline earnings growth masks a quarter of negative free cash flow, sharply higher AISC, a $26.2 million cash drawdown, and guidance now pointed to the bottom of the range.
  • Versus Q2 2026, revenue rose 18% to $60.8 million, but production fell 0.6%. The company sold 14,259 ounces against 12,981 ounces produced, draining about 1,278 ounces of inventory. Sales exceeded production by roughly 9.8%, flattering revenue and cash flow before working-capital effects.
  • Versus Q2 2026, cash operating costs rose 15.6% to $2,120/oz, AISC rose 11.4% to $3,164/oz, adjusted EBITDA fell 22.5% to $23.8 million, and free cash flow swung from positive $6.6 million to negative $15.1 million.
  • The market reaction was negative: the stock fell 6.3% on November 12 from $5.42 to $5.08, and it was down 20.7% from the October 15 production release price of $6.41. The market was already positioned for weakness, but the cost and cash numbers confirmed it.
  • The Onças licensing denial was already disclosed November 2, so it is not new in this release. It remains a material overhang because Onças reserves are included in the 858,000-ounce consolidated reserve base.
JAG · Price
Company Overview
  • Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil’s Iron Quadrangle in Minas Gerais.
  • Principal operating assets: the MTL Complex, including the Turmalina mine and plant, which restarted in March 2026 and is ramping up; and the Caeté Complex, including the Pilar mine, the Roça Grande mine on care and maintenance since 2019, and the Caeté plant.
  • The Paciência Complex includes the Santa Isabel mine and plant, on care and maintenance since 2012 and undergoing development work for a potential reopening by the end of 2027.
  • The company holds over 42,000 hectares in the Iron Quadrangle, described as the second-largest gold land position in the region. Prior releases cited over 46,000 hectares; the current release uses 42,000 hectares.
  • Growth projects: Onças de Pitangui, where permitting was denied in October 2026; Santa Isabel, where a feasibility study is planned by mid-2027; and the Paciência Gold District, including Chamé, Santa Isabel, Marzagão, and Bahú.
Read the original news release →

More from Jaguar Mining Inc.

Nov 02, 2026 · 06:30

Jaguar delays Onças de Pitangui permitting in Brazil as management reverts to resubmission strategies to advance the project timeline.

Production / Operations Oct 15, 2026 · 06:30

Jaguar’s Pilar deposit saw a 25% grade decline despite a 30% headline increase, with guidance achievable only at the low end.

Production / Operations Sep 22, 2026 · 06:30

Turmalina’s exploration update supports guidance while masking AISC creep and grade volatility at its core assets.

Drill Results Aug 13, 2026 · 21:45

Turmalina’s restart boosted output by 19% while its all-in sustaining costs surged 57% year-on-year.

Earnings Jul 27, 2026 · 07:00

Jaguar’s infill drilling at Faina confirms high-grade continuity for its $445 million producing project.

Drill Results Jul 15, 2026 · 07:00

Jaguar’s Q2 production rose 19% as Turmalina restarted, though declining grades at Pilar pressured margins.

Production / Operations